Ripple Moves 146 Million XRP Tokens in Suspicious Transactions

Ripple moved a huge amount of XRP tokens recently across three transactions. The company sent 146.92 million XRP in just 12 hours.This big move has caught the crypto community's attention, with some wondering what Ripple plans.

Breaking Down The Ripple Transfers

According to on-chain data tracking firm WhaleAlert, Ripple made three big XRP movesyesterday evening. First, the Ripple wallettagged r4w...Rzn" sent 26.72 million XRP ($14.9 million) to Bitstamp.

A few hours later, Ripple moved 100 million XRP (worth $56.95 million) between its wallets, marking the most significant among the three transfers.

After this transaction, the receiving wallet sent 20.9 million XRP to the Ripple wallet r4w...Rzn." Notably, this is the same wallet Ripple used for the first transaction.

Finally, the same Ripple wallet sent 20.2 million XRP to the Bitso crypto platform, marking the third biggest transaction. In total, Ripple sent 46.92 million XRP to Bitstamp and Bitso.

These moves are not new for Ripple, as blockchain payments often move chunks of XRP coins as part of its monthly token unlocks. However, the size of these transfers and their destination have fueled speculations among investors.

XRP Market Reactions and Whale Movements

Ripple isn't the only big player that recently moved substantial XRP tokens. One unknown wallet (r9ex7wCn2w...WHYEkQ1bv2) moved 104.16 million XRP worth about $59.02 million on Sunday, according to WhaleAlert.

The wallet that sent the 104.16 million XRP had been active recently. It sent 2.25 million XRP earlier and later received a much bigger amount-106.41 million XRP-on August 9.

Despite this activity, XRP's trading volume dropped by 8.12% to $1.1 billion. At the same time, XRP's price fell to $0.5691, representing a 2% drop in just 24 hours.

Over the past week, XRP's price has dropped by 7% and 6% in the last 30 days.The recent activity could be for many reasons. One plausible explanation is that Ripple might be preparing for new partnerships or projects.

Expert Analysis Points to Key XRP Price Levels

A top analyst has shared new insights about XRP's next price movement using the Elliott Wave pattern.

This analyst, known as CryptoInsightUK, posted their thoughts on X that XRP is at a crucial point. According to the analyst, the Ripple coin could significantly surge if it breaks past certain levels.

$XRP updated wave count.

To confirm either scenario we need to see closes above $0.64 and then $0.75 after that. We see these and I'll be screaming on here;

This is also possible; https://t.co/PJ5gjAtLiq pic.twitter.com/OKGCYPQyyo

- Cryptoinsightuk (@Cryptoinsightuk) August 13, 2024

The first critical level is $0.64; closing above this price is a good sign, meaning XRP could start increasing more strongly. The next significant level to watch is $0.75; if XRP can get past this price, it could be heading for more profound gains.

CryptoInsightUK thinks XRP might reach $0.80 if it breaks these levels. This would be the highest price XRP has seen this year.

However, there's also a chance that XRP might go down instead. If it can't break past $0.64, it might fall back to $0.48. The next stop would be $0.42 if the $0.48 support fails.

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