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Ripple Whales Move $190M in XRP in 24 Hours, but What Are They Planning?

3 mins
Updated by Geraint Price
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In Brief

  • Ripple whales made some significant deposits from wallets to exchanges.
  • Usually, sell-offs from whales cause a considerable stir in the market leading to bearish outcomes for price. 
  • XRP active address dropped by 30% in the last one day. 
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Ripple whales have maintained their swifty moves as price action continues to suffer, but where will the whales lead XRP price this time?

As Ripple supporters, whales, holders and crypto investors await the summary judgment in the XRP lawsuit, XRP price continues to surprise market participants.

Recently, Attorney Jeremy Hogan, dropped some good news for the Ripple community claiming that the U.S. Securities and Exchange Commission (SEC) motion for summary judgment might not be approved for several reasons. 

Despite Hogan’s positive affirmations, Ripple price failed to react much to the social anticipation. Ripple whales, however, have been on the move lately, but this time it could lead to some bearishness for XRP price. 

What Are XRP Whales up To?

At the time of writing, XRP price traded at $0.4739, declining by 3.22% on the daily window. From a price perspective, Ripple seemed to be under the larger bearish influence of the crypto market. 

Ripple whales made some significant deposits from wallets to exchanges on Nov. 7. Several alerts from Whale Alert show that coins worth over $190 million were sent by whales from wallets to various exchanges or from wallet to wallet.

The first transaction, of around 29 million XRP worth $13.52 million, was a transfer from an unknown wallet to Bitstamp. In the next one hour another transfer from an unknown wallet to FTX of 35 million XRP worth $16.55 million was made. 

A third transaction of $16.63 million was made soon after. 

This was followed by another transfer worth $16.50 million.  

The most recent transaction was a staggering 310,365,004 XRP worth $147 million transferred from one unknown wallet to another unknown wallet. 

A larger amount of XRP worth over $190 million has been moved in the last 8-10 hours from the time of writing. Ripple whales may have sent XRP on exchanges to take profit in case price drops further. 

Usually, sell-offs from whales cause a considerable stir in the market leading to bearish outcomes for price. 

However, the whale movement could also be an attempt by participants to create a wave in the market and pump short-term price action. 

Will XRP Price Continue to Suffer?

Over the weekend, price made a multi-weekly high of $0.51, but price action lost momentum quickly. At press time, XRP price continued to battle the key support/resistance level at the $0.47 mark. 

While XRP active address still held above average, they had dropped by 30% in the last one day. 

XRP Active addresses. Source: Santiment
Source: Santiment

Furthermore, XRP velocity trended lower, which meant that the coin was not being used much for transactions within the set time frame.

In addition to that, Price DAA divergence had started to present a sell-signal. 

XRP Price DAA Divergence | Source: Santiment
XRP’s Price DAA Divergence | Source: Santiment

From an on-chain perspective XRP price could be preparing for some bearishness. It was evident that the coin had moved in a range bound momentum between the $0.47 and $0.45 mark, which would act as key support zones going forward. 

If bears stay in control of XRP price action the coin can see a retest of the lower $0.45 price level. 

However, in case of a bullish breakout, price could revisit the short-term top at the $0.51 mark. 

Disclaimer: BeInCrypto strives to provide accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. You comply and understand that you should use any of this information at your own risk. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

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