Whales Moves 405M+ XRP in Two Transactions Amid Price Dip

The most recent transaction involved two recently-activated unknown whales.

XRP whale accumulation has resumed following a relatively quiet weekend, as two different whale addresses transferred over 405M tokens within 15 hours, with one of them activated just today. This resumption in whale activity comes up at a time when the asset has slipped below the $0.42 level and is struggling to retain its position above $0.40.

The most recent of the two transactions was also the largest and involved the accumulation of 252,094,750 (252M) XRP worth $101M by an unidentified whale address that was activated today at 11:47 (UTC). The sending address was also newly activated, and it has only transacted three times since its activation three days ago.

🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 252,094,751 #XRP (101,046,577 USD) transferred from unknown wallet to unknown wallethttps://t.co/B3bXxNCZSp

— Whale Alert (@whale_alert) January 30, 2023

The second transaction involved the movement of 153M XRP valued at $63.9M between two unidentified wallets. Following the transaction, the recipient address offloaded all the tokens in a series of transactions, sending them to wallets affiliated with Bitso, Independent Reserve, and Bitstamp. The balance on the address is now 100 XRP as of press time.

🚨 🚨 🚨 🚨 🚨 🚨 153,000,000 #XRP (63,971,393 USD) transferred from unknown wallet to unknown wallethttps://t.co/tkTsRIp6iD

— Whale Alert (@whale_alert) January 29, 2023

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These two transactions occurred shortly after whales moved 413M XRP in a similar fashion last Friday. Three days before this, the community witnessed the transfer of over 600M tokens within two days. This cluster of whale transactions underscores the growing interest in the asset among deep-pocketed investors, especially at a time when the legal case between Ripple and the SEC is nearing an end.

While the atmosphere within the XRP camp has been generally optimistic, attorney John Deaton recently asserted that Judge Torres could deny the summary judgment motions of both Ripple and the SEC, taking a swipe at the SEC for its irregular stance on what constitutes a common enterprise.

XRP Price Analysis

Meanwhile, XRP is stuck in troubling waters following the dip below the $0.42 level today. The asset is currently struggling to hold above the $0.40 level, as the battle with the bears gets intense. With its current price of $0.401, XRP is trading below its crucial support at $0.4042.

The token needs to recapture the $0.4042 before setting its eyes on the pivot price at $0.4108. Conquering the pivot could introduce enough support for the asset to reclaim the $0.4160 resistance level. Analyst Bitcoinsensus highlighted a triangle pattern recently formed by the asset, which, if broken to the upside, could lead to a high of $0.51.

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