Ripple Steadies Despite Significant Whale Transactions to Exchange Wallets

Updated:

According to reports, Ripple (XRP) recorded some massive coin movements just a few hours before its current recovery. At the time of the transactions, XRP traded at $0.8000. According to U.today, the value of the transactions summed up to $76 million.

The first and largest transaction saw 40 million XRP (Worth $32 million at the time of the transaction) move from the official Ripple account to an unknown wallet that now holds 30 million coins. Reports show that the anonymous wallet immediately disbursed the funds to another unknown wallet, which sent the funds to a centralized exchange.

That said, the XRP community took this as a sign that Ripple used these wallets to offload some of its holdings into the circulating supply in a secretive manner.

Interestingly, the second whale transaction did not bother to hide its trial as it sent millions of coins directly to a centralized exchange. The anonymous whale transferred 20 million coins (worth $16 million at the time) to Bitso and received almost the same amount within an hour.

Data shows that this whale transferred 20 million XRP to the crypto exchange, left 1.8 million coins in the hit wallet, and transferred 18.2 million coins back to the originating address. That said, the purpose of this unusual transaction remains unknown.

Nonetheless, XRP has yet to react to these transactions, and many believe it might never react to them.

Key Ripple Levels to Watch — December 8

Following the steep crash, XRP appears to have broken away from my bearish tripwire, albeit in a range-bound direction. The cryptocurrency has maintained a trading bias, trading between $0.8500 and $0.8000 over the past 48 hours.

XRPUSD – 4-Hour Chart on Bitfinex. Source: TradingView

With that, I reckon that traders are on the sidelines, awaiting a breakout in either direction in the near term, to confirm a directional bias. Nonetheless, my analysis of the broader markets shows that a rebound is well underway and could drive XRP to the $0.9000 resistance soon.

Meanwhile, my resistance levels are $0.8000, $0.8800, and $0.9000, and my support levels are $0.8250, $0.8000, and $0.7500.

Total Market Capitalization: $2.35 trillion

Ripple Market Capitalization: $39.4 billion

Ripple Dominance: 1.68%

Market Rank: #8

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.