$51,849,820 XRP Withdrawn From Major Crypto Exchange

A significant XRP transaction has recently caught the attention of the crypto community. In recent hours, 20,000,000 XRP (worth $51,849,820) was transferred from Gemini to an unknown wallet, according to blockchain data tracker Whale Alert.

While the exact reason for the move remains unknown, there are potential explanations. Large withdrawals from exchanges often indicate accumulation by whales, reducing selling pressure.

Moving XRP to a private wallet may indicate long-term holding rather than immediate liquidation, which is also a potential bullish signal. Sometimes, such large transactions hint at institutional players making strategic moves or just mere funds’ reshuffling.

XRP, the third largest cryptocurrency by market valuation, has traded flat between $2.30 and $2.83 recently, despite excitement from the Coinbase SEC case dismissal announcement and the U.S. Securities and Exchange Commission acknowledging a slew of XRP ETF filings.

Despite this, the number of whale and shark wallets continuously increases, according to Santiment. There are 261 more 100,000 XRP wallets than 10 weeks ago, indicating a solid level of confidence from key stakeholders.

XRP price action

XRP has barely moved in the last 24 hours, with its price tightening in a small range since the drop to lows of $2.50 on Feb. 21. At the time of writing, XRP was up 0.10% in the last 24 hours to $2.57, below the daily moving average of 50 at $2.72.

XRP has been consolidating sideways since Feb. 3, with the general trend leaning bullish. However, XRP/USD stays in limbo until the price breaks above $2.83 or falls below $2.30. The flat RSI slightly below the midpoint suggests that XRP may continue within the symmetrical triangle for some time. The next trending move is expected to begin with a break above or below the triangle.

According to crypto analyst Ali, a breakout from the triangle could put XRP on course for a 14% price move. XRP might reach $3.40, while a drop below the support line could lower the price to $1.90.

Currently, liquidity remains at both demand and supply levels for XRP, implying that a break of these levels might most likely determine XRP’s ultimate direction. With the SEC’s acknowledgment of more XRP ETF applications, the altcoin’s prospects for growth in 2025 are rising.