XRP Network Activity Hits 6-Month High as Whale Transfers $51M

TLDR

• XRP whale transferred $51 million (100 million XRP) between unknown wallets, suggesting long-term holding intentions
• On-chain activity reached 6-month high with 12,230 active addresses and 18,321 new wallets (10.39% increase)
• Current exchange reserves at 3.11 billion XRP, showing 0.36% increase
• Futures open interest up 1.61% to $701.52 million
• Transaction count rose to 1.5655 million, up 1.24% in 24 hours

A large XRP holder transferred $51 million worth of cryptocurrency between wallets today, coinciding with increased network activity and growing user engagement across the platform.

Blockchain data reveals the movement of 100 million XRP tokens between two unknown wallets, valued at approximately $51.6 million at current prices.

The transfer notably avoided exchanges, suggesting the holder intends to maintain a long-term position rather than prepare for immediate selling.

On-chain metrics show XRP reaching a six-month peak in activity levels. Active addresses have climbed to 12,230, while new wallet creation jumped 10.39%, adding 18,321 new accounts to the network.

These numbers point to expanding user participation in the XRP ecosystem.

Transaction volume has also seen an uptick, with the count reaching 1.5655 million, marking a 1.24% increase over the past 24 hours. This growth in transactions demonstrates ongoing network usage and trading activity.

The price of XRP currently stands at $0.5192, showing a modest 0.46% increase in the past day. Trading patterns indicate the asset continues to move within an established range, while technical indicators suggest low volatility conditions.

Exchange reserves, a metric tracking XRP held on trading platforms, currently total 3.11 billion tokens, reflecting a small 0.36% increase. This slight uptick in exchange holdings could indicate some traders positioning for potential market moves.

In the derivatives market, open interest for XRP futures has grown by 1.61%, reaching $701.52 million. This increase shows more traders are engaging with XRP’s futures markets, though the direction of their positions remains mixed.

Technical analysis shows XRP trading near the middle band of the Bollinger Bands indicator, while the Relative Strength Index (RSI) reads 41.83, approaching oversold territory on standard measurements.

Crypto analyst Egrag Crypto has outlined potential price targets for XRP based on Bitcoin’s movement. According to their analysis, XRP could reach $4.43 if Bitcoin hits $100,000, with higher targets of $5.76, $6.64, $7.53, and $8.86 corresponding to Bitcoin prices of $130,000, $150,000, $170,000, and $200,000 respectively.

Another analyst, Dark Defender, suggests XRP’s bull run typically begins when Bitcoin’s market dominance declines, pointing to historical patterns from 2017 and 2021.

When #bitcoin dominance is in decline:$XRP Bull Run Starts.

It was the case in 2017 & 2021.

The story repeats itself:

XRP Run In a Nutshell. pic.twitter.com/xMQAJEgohX

— Dark Defender (@DefendDark) October 28, 2024

Their analysis projects potential price movement starting next month and extending through November 2025.

The $51 million whale transfer comes as the cryptocurrency continues to navigate the aftermath of recent legal developments, including ongoing proceedings between Ripple and the SEC.

The movement of large holdings between private wallets rather than to exchanges may indicate reduced concern about regulatory uncertainties.

Network data shows consistent growth in daily transactions, suggesting regular usage of the XRP network for value transfer. The steady increase in new wallet creation points to sustained interest in participating in the XRP ecosystem.

The combination of whale activity, rising transaction counts, and growing wallet numbers provides a snapshot of current XRP market dynamics. These metrics will likely continue to be monitored by market participants for signs of future price movement.

Current market data shows XRP maintaining price levels above $0.50 while testing the $0.60 resistance level, which has served as a key price point since August’s legal developments.