A massive Ripple whale transaction involving 60 million XRP, valued at approximately $132.2 million, was recently observed on the blockchain. In this case, both the sender and receiver wallets remained unidentified. Thus, the transaction has sparked speculation about its purpose.
Ripple Whale Makes Big Move
Some analysts suggested that the Ripple whale could represent an over-the-counter (OTC) sale, which typically avoids immediate market impact as it is carried out via an offline mode. Others believe it could be a portfolio adjustment by a large holder, commonly referred to as a whale.
🚨 🚨 🚨 🚨 🚨 🚨 60,000,000 #XRP (132,202,106 USD) transferred from unknown wallet to unknown wallethttps://t.co/nK3qDkG2Y9
— Whale Alert (@whale_alert) December 23, 2024
At the time of writing this report, XRP price was trading at $2.23, reflecting a 2.46% gain in the past 24 hours. However, the Ripple token has plunged nearly 11% decline over the last seven days. Despite the downward trend, the move has drawn attention to the asset’s potential for a price breakout, with notable activity in its trading patterns.
XRP Breakout Signals Potential Rally
Prominent crypto analyst Brett, known for his insights shared on X (formerly Twitter), highlighted that XRP has broken out of a symmetrical triangle pattern. He urged investors to remain optimistic despite the recent downturn. “Surviving the XRP bear market was the hard part. Don’t let this bull market shake you out now,” Brett emphasized.
Brett’s technical analysis suggests that XRP could experience a significant upward trajectory if bullish momentum takes over. He identified a crucial support range between $3.62 and $4.30. A sustained breakout above this level could potentially propel the token toward $5.73, marking a substantial rally.
Market observers are closely monitoring the transaction’s implications. If the funds re-enter circulation or are used in significant trades, it could influence short-term market volatility. On the other hand, an OTC deal would likely have minimal immediate impact.
Also Read: XRP Price Prediction 2025, 2026, 2030, 2040 – 2050
