Crypto analytics platform Whale Alert has reported two large Ripple (XRP) transactions involving 38.9 million tokens (worth $28.2 million at press time). The report showed that one of these transactions was carried out by Ripple itself and the other by the world’s largest crypto exchange by trading volume.
Binance reportedly transferred 18,972,524 XRP (worth $13.7 million). However, XRP-focused platform Bithomp revealed that this transaction only moved between Binance’s internal wallets.
Whale Alert explained that the second transaction involving the transfer of 20,000,000 XRP (worth $14.5 million) originated from an anonymous address to the Philippines-based crypto trading venue Coins.ph. This crypto exchange serves as a Ripple ODL partner.
The data from Bithomp showed that the transaction came from Ripple wallet RL 18-VN. This wallet address is often used for ODL transactions and to move Ripple-related tokens beyond Ripple, where they can subsequently get sold to exchanges or sent company customers or crypto custody firms.
Meanwhile, the XRP community recently went into a row after Coinbase transferred about 88 million XRP. Many community members speculated that the exchange could be considering reinstating XRP on its platform after banning the token in December 2021 amid the SEC vs. Ripple legal battle.
Key Ripple Levels to Watch — February 23
XRP has maintained a mild bullish status for the past 48 hours, helping the cryptocurrency approach the $0.7500 resistance. Currently, the sixth-largest cryptocurrency appears to be facing some headwinds from the daily 50 SMA at $0.7300, which coincides with the critical support line at that level.
Moving on, XRP is not out of the bearish woods yet and still has a lot of ground to cover to flip the prevailing sentiment. However, with the ongoing geopolitical factors, XRP could remain on the backfoot pending a return to risk-loving appetite by investors.
Meanwhile, my resistance levels are $0.7500, $0.8000, and $0.8250, and my support levels are $0.7000, $0.6800, and $0.6500.
Total Market Capitalization: $1.75 trillion
Ripple Market Capitalization: $34.7 billion
Ripple Dominance: 1.98%
Market Rank: #6
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