702,707,023 XRP Hit Unknown Wallets in 24 Hours, What’s Going On?

According to blockchain data tracker Whale Alert, a total of 702,707,023 XRP has been sent to unknown wallets in various transactions over the last 24 hours.

Whale Alert reports eight transactions within the last 24 hours, which saw a total of 702,707,023 XRP shifted.

The transactions are as follows: 60,000,000 XRP worth $103,666,000; 60,000,000 XRP worth $103,561,693 were transferred between unknown wallets in two transactions.

In another two separate transactions, 59,999,999 XRP worth $103,860,038; 60,000,000 XRP worth $103,644,107 were transferred between unknown wallets.

In transactions performed about 17 hours ago, 131,353,512 XRP worth $231,816,522 and 131,353,512 XRP worth $232,141,352 at the time of transfers were moved between unknown wallets.

Two transactions saw 100,000,000 XRP worth $176,267,461 and 100,000,000 XRP worth $176,096,528 transferred between unknown wallets.

The reasons for the transfers remain unknown as well as the identity of the wallets. The move might be an OTC transfer, which happens outside of a crypto exchange. It may also be funds reshuffling by a large XRP holder.

XRP price action

XRP was trading down 4% in the last 24 hours to $1.68 and down 13% weekly as the market extended declines on Saturday, compounding an earlier sell-off. The market crash shook out leveraged crypto futures bets worth $591 million in 24 hours.

Crypto prices remained under pressure as a partial government shutdown increased uncertainty in the markets.

XRP is entering its fourth day of drop since Jan. 27, seeing sharp declines for three days as it touched a low of $1.67 on Saturday. Open interest (OI) in futures tied to most major cryptocurrencies has declined; XRP’s open interest fell to $1.41 billion in the last 24 hours.

XRP’s daily RSI, a momentum indicator, has touched oversold levels, reaching 30. This increases the potential of a relief rally in the coming days if the broader crypto market rebounds. The next targets for XRP lie at $1.95 and $2.52, which coincide with the daily MA 50 and 200.