New Unidentified XRP Whale Address Gulps Over 104 Million XRP Tokens Amid Ongoing Consolidation Phase

Crypto whale tracking service Whale Alert first called the investing public's attention to the massive transaction in a recent disclosure.

A new crypto whale address has acquired over 100 million XRP tokens as the digital asset continues to trade within a narrow range amid a broader market consolidation.

Whale Alert, a service that tracks substantial crypto transactions, highlighted the movement in a recent disclosure. On-chain data from Bithomp, a leading XRPL explorer, confirms that the transaction occurred on Aug. 15 at 16:07 UTC, involving precisely 104,400,229 XRP, valued at $58,204,828 at the time of the on-chain activity.

Although the XRP market frequently experiences such large whale movements, thanks to Ripple and other major holders, the latest transaction is particularly noteworthy due to the wallets involved.

Details of the Addresses Involved

According to the data, both the sender and recipient addresses were recently activated. The sending wallet was created on Aug. 12, while the recipient address was activated at the time of the transaction on Aug. 15. Notably, the sending wallet initially received 107,800,000 XRP from two separate addresses on Aug. 12 and 13.

After holding the tokens for at least three days, this wallet began distributing them. The first move involved transferring 3,400,000 XRP to an unidentified wallet on Aug. 15. A minute later, the address initiated the 104 million XRP transaction, effectively emptying its balance.

Meanwhile, the recipient wallet continues to hold the tokens at the time of press. Due to the anonymous nature of the participating wallets, there isn't sufficient data to determine the purpose of the recent whale movement.

Broadly, the transaction could either indicate an investor accumulating XRP using a new wallet or an in-house fund shuffling exercise from an exchange.

If the latter is the case, the exchange could be Bitvavo, a European crypto trading platform. This connection arises from our previous identification of Bitvavo addresses among the wallets involved in the transaction.

Crypto Basic reported on similar transactions from Bitvavo in October last year, involving 409 million XRP, and August this year, with 425 million XRP being moved.

XRP in a Consolidation Phase

The latest movement comes as the broader crypto market experiences a state of flux, with prices continuing to consolidate at key levels following the decline from Aug. 8 to 11. XRP trades above the $0.56 support level, currently valued at $0.5642 at press time.

The daily relative strength index (RSI) indicates neutral conditions, with the RSI line at 49.86. The RSI is slightly above the Signal line (49.23), suggesting a mild bullish divergence, which could indicate a potential upward movement after a period of consolidation. However, the overall trend remains uncertain.

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