Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

As reported by blockchain data tracker Whale Alert, a staggering 104 million XRP, valued at over $58 million, was mysteriously transferred in a single transaction. According to the data, the 104 million XRP was moved from an unknown wallet to a new unidentified address.

In a tweet, Whale Alert reported that "104,400,229 XRP worth $58,217,603 transferred from unknown wallet to unknown new wallet."

This movement of XRP has drawn attention as it suggests whales — large holders of cryptocurrency — might be making significant moves in the market.

The exact reason for the transfer remains unknown, however, it might suggest a shift to a more secure wallet or a preparation for a potential sale. The transfer could be part of a broader strategy by a whale to reposition their holdings in anticipation of market changes.

Whale alert also flagged a major significant XRP move within the last 24 hours in which "21,891,000 XRP worth $12,296,807 was transferred from Bittrex to an unknown wallet."

XRP price action

At the time of writing, XRP was down 0.66% in the last 24 hours to $0.564 and down 4.16% over the last seven days. XRP has been trading around $0.57 for the previous few days, signaling a battle between bulls and bears.

A break and close above $0.58 might shift the short-term advantage in favor of buyers. If this occurs, XRP could rally to the overhead resistance level of $0.64. The bears have vigorously guarded the level in the past and may do so again.

This short-term bullish outlook might be dashed if the XRP price falls below the 50-day SMA at $0.54. That might enhance selling pressure, pushing XRP near lows of $0.46.

In the short term, the market is intently waiting for a moving average crossover on XRP daily charts in the coming days.