Claim BonusWhale 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?
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.
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.
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 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.
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.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Crypto Market Bill Nears Resolution as Ripple CLO Signals Compromise After Key Meeting
- $3.5T Banking Giant Goldman Sachs Discloses $2.3B Bitcoin, Ethereum, XRP, and Solana Exposure
- Why is XRP Price Dropping Today?
- Breaking: FTX’s Sam Bankman-Fried (SBF) Seeks New Trial Amid Push For Trump’s Pardon
- Fed’s Hammack Says Rate Cuts May Stay on Hold Ahead of Jobs, CPI Data Release
- Bitcoin Price Analysis Ahead of US NFP Data, Inflation Report, White House Crypto Summit
- Ethereum Price Outlook As Vitalik Dumps ETH While Wall Street Accumulates
- XRP Price Prediction Ahead of White House Meeting That Could Fuel Clarity Act Hopes
- Cardano Price Prediction as Bitcoin Stuggles Around $70k
- Bitcoin Price at Risk of Falling to $60k as Goldman Sachs Issues Major Warning on US Stocks
- Pi Network Price Outlook Ahead of This Week’s 82M Token Unlock: What’s Next for Pi?
