Crypto data tracker Whale Alert reports a substantial amount of XRP being moved in the last 24 hours. The move that drew attention was made to a Ripple wallet.
According to Whale Alert, 100 million XRP worth $49,977,350 were transferred from an unknown wallet to Ripple.
🚨 🚨 100,000,000 #XRP (49,977,350 USD) transferred from unknown wallet to #Ripplehttps://t.co/NzPgkKiviq
— Whale Alert (@whale_alert) September 16, 2023
While the rationale behind the move remains unknown, it might be a wallet reshuffle. Since the move was done from an unknown wallet to a named wallet, this might be the case. Another speculation might be an OTC trade that happens outside a traditional crypto exchange setting.
XRP, the fifth-largest cryptocurrency by market cap, is utilized by Ripple to move money across borders. Ripple’s ODL is a cross-border payment solution that leverages the XRP cryptocurrency as a bridge asset.
As reported, Ripple’s Vice President Emi Yoshikawa clarified the decision to “consolidate” ODL services under the moniker “Ripple Payments,” adding that ODL may be difficult for outsiders to understand at first glance.
XRP targets next major move
At the time of writing, XRP was marginally down in the last 24 hours to $0.497.
Largely, the XRP price fluctuated between $0.436 and $0.558 in recent weeks. After four days of positive price action, the XRP price recovered to a high of $0.508 on Sept. 15. On the upside, the daily MA 200 barrier at $0.517 remains a key level to watch going forward in the short term.
If buyers push the price above the MA 200, it might imply that selling pressure is easing. This might spark a strong rally targeting the overhead barrier of $0.56. This level may once again pose a stumbling obstacle.
If the price falls below $0.56, it might suggest that range-bound price activity may continue for a little longer. The next major move might commence in either of these scenarios: if the XRP price sustains above $0.56 or if there is a drop in the XRP price below $0.41.
