Whale Dumps Massive $55 Million in XRP to Ripple as Coin Falls Below $3?

Varinder Singh
3 hours ago
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Whale Dumps Massive $55 Million in XRP to Ripple as Coin Falls Below $3

Highlights

  • Massive $55 million XRP transfer to a Ripple wallet raised speculations.
  • On-chain analysis confirms Ripple (31) to Ripple (1) transfer related to Midnight Glacier Drop.
  • XRP price slips below $3 amid lack of support from whales.

A whale alert regarding a massive $55 million XRP transfer to a Ripple wallet sparked speculations in the crypto community. This comes as the coin’s price dropped 2% to below $3 again despite an overall bullish sentiment in the crypto market. Did the whale really dumped XRP to a Ripple-linked wallet amid price drop concerns?

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Huge XRP Transfer to Ripple, Here’s Why

On October 6, Whale Alert reported 18,744,800 XRP transferred from an unknown wallet to a wallet linked to Ripple. The massive transfer worth $55,868,599 to the wallet raised concerns in the community about possible further liquidations.

However, it was not the case as on-chain data confirmed the transfer happened between Ripple (31) to Ripple (1). This was the first transfer from the wallet after more than two years.

Further analysis on XRPScan by CoinGape revealed the transfer was related to the biggest ever cross-chain airdrop by Midnight Foundation. Notably, Ripple (31) received nearly 18,744,807 coins as part of the Midnight Glacier Drop.

Midnight Glacier Drop XRP
Midnight Glacier Drop of XRP. Source: XRPSCAN

These were transferred to Ripple (1), similar to a 300,000,000 XRP inflow in the wallet from Ripple (26) last Thursday. Ripple (1) now holds 668,745,081 XRP, which includes tokens related to Bitstamp and GateHub.

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Price Tumbles Again Under $3

The muted price action continues due to a lack of support from whales. CryptoQuant’s XRP Whale Flow 30-DMA data signals that whale flow is still negative as the crypto asset faces renewed distribution pressure.

XRP Whale Flow
XRP Whale Flow. Source: CryptoQuant

XRP price dropped 2% in the past 24 hours after a recent rebound, with the price currently trading at $2.98. The 24-hour low and high were $2.95 and $3.07, respectively. Trading volume has increased by 7% in the last 24 hours, indicating interest among traders.

CoinGlass data showed buying sentiment in the derivatives market. The total XRP futures open interest jumped 0.22% to $8.95 billion in the last 24 hours. Also, futures OI on CME dropped 1.55% and climbed 2.66% on Binance in the last 24 hours.

However, analysts suggest a breakout from falling wedge pattern formation in the daily timeframe will set the a rally to reclaim $3.33 first, followed by a new ATH based on the pattern height. The key support level is at $2.80.

XRP Falling Wedge Pattern
XRP Falling Wedge Pattern in Daily Timeframe. Source: TradingView

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Varinder is a seasoned leader in the fintech and crypto media with over 12 years of experience, including over 6 years dedicated to blockchain, crypto, and Web3 developments. He is known for covering high-impact and quality news stories for publishers such as CoinGape, The Coin Republic, and The Crypto Times, while perfecting and training multiple journalists during his tenure. Being a Master of Technology degree holder, analytics thinker, and tech enthusiast, he has shared his knowledge of disruptive technologies in over 5000 news articles and papers.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.