200 Million XRP out into Unknown as Bulls Defend XRP Price

Nearly 200 million XRP have changed hands in the last 10 hours, equivalent to $110.12 million, reports Whale Alert. The mysterious action took place in two acts, as the first 100 million tokens left the wallet of “rP4X2” to “rhWt2.” The next act came 10 hours later, when another 94.33 million XRP, worth approximately $53.66 million, were sent from “rn8om” to “rnTxM.”

What do all these addresses have in common? They belong to unknown entities, but whether the owners are connected remains a mystery, as the registration date for each address is significantly different.

🚨 🚨 🚨 94,325,384 #XRP (53,656,730 USD) transferred from unknown wallet to unknown new wallethttps://t.co/3kH4omAfIq

— Whale Alert (@whale_alert) August 28, 2024

Interestingly, the transaction took place amid a storm on the cryptocurrency market, which resulted in stunning losses for all bullish traders amid liquidations of over $150 million in a few hours.

Speaking of XRP, the seventh largest cryptocurrency also saw a 3.34% drop in quotes.

However, there’s a silver lining as the price found a crucial support level due to this drop at $0.56. This is not a new pivotal price level for XRP and has proven its importance many times before. The blessing in disguise is that despite the overall negative sentiment and falling price, the bulls decided to buy XRP at this level.

As things stand, the XRP price is saving its bullish bias until it holds above $0.56. Looking at the daily chart, it seems that $0.65 and $0.75 are the next price points to watch.

On the other hand, things can change quickly if more selling comes in and major support is lost.

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