Ripple Whales Move Massive Bucks Around Amid a Depressed Market Tone

Updated:

On-chain analytics provider Whale Alert recently revealed that Ripple (XRP) and Binance have carried out several XRP transactions worth over $170 million over the past few hours.

The Ripple wallet moved 40 million coins (worth $33.2 million at press time), to one of its backup wallets named RL 18-VN. This backup wallet is the preferred medium for transferring XRP outside the company’s holdings.

Meanwhile, behemoth cryptocurrency exchange Binance has sent and received significant amounts of XRP in a total of four transactions. The crypto exchange transferred and received roughly 122 million XRP (worth $101.2 million at press time) between its internal wallets and other anonymous crypto addresses.

However, XRP analytics data provider Bithomp later revealed that these “anonymous wallets” belonged to Huobi exchange and an anonymous Binance wallet. Huobi transferred 45 million coins (worth $37.3 million at press time) to Binance, while the other anonymous wallet transferred 118 million XRP (worth $97.9 million at press time) between Binance’s internal addresses.

Ripple released a jaw-dropping 1 billion XRP (worth $830 million at press time) from its escrow account. However, 800 million coins got sent back to escrow while the remaining 200 million (worth $166 million at press time) went into a Ripple account for further corporate use.

Key Ripple Levels to Watch — January 5

The crypto market continues to suffer an intense drought of trading momentum as XRP remains subdued around the $0.8250 support line. Interestingly, the eighth-largest cryptocurrency currently trades under the influence of my multi-week-long ascending trendline (bullish factor) and the 4-hour 50 SMA (bearish factor).

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

A breakout through either of these technical points should help XRP realize some trading momentum and record a sustained move along the breakout area. Failure to post any price breakout will leave the cryptocurrency suspended within a consolidation range into the coming days.

Meanwhile, my resistance levels are $0.8500, $0.8800, and $0.9000, and my support levels are $0.8250, $0.8000, and $0.7500.

Total Market Capitalization: $2.22 trillion

Ripple Market Capitalization: $39.1 billion

Ripple Dominance: 1.76%

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.