TL;DR
- A $55 million XRP transfer caused temporary concern among traders, though it was later confirmed as an internal move between Ripple-controlled wallets.
- XRP’s price remains under $3, reflecting fragile momentum.
- On-chain activity surged with over 1.7 million transactions in 24 hours, signaling growing network engagement and potential for a bullish breakout despite ongoing technical resistance.
A mysterious $55 million XRP movement on Sunday briefly sparked fears of a whale dumping significant holdings amid the token’s recent price pullback. XRP dipped under $3, fueling speculation of a looming sell-off.
However, on-chain analysis revealed the transfer was entirely internal, moving 18.7 million XRP from “Ripple (31)” to “Ripple (1),” something that hadn’t happened in more than two years. Analysts linked this to the Midnight Foundation’s “Midnight Glacier Drop” airdrop, which distributed XRP across multiple chains before consolidation into Ripple’s primary wallet. The recipient address now holds nearly 669 million XRP, following a 300 million XRP inflow just days prior.
Despite the scare, XRP’s trading dynamics remain highly intriguing. Over the past 24 hours, the token dipped slightly to $2.98 while trading volume increased modestly. Large holders have not significantly reentered the market, yet futures data suggests speculative interest persists. Technical indicators show a falling wedge formation that could trigger a short-term breakout toward $3.33 if confirmed, with $2.80 serving as the key support level determining whether the current pause turns into a deeper correction.
XRP Experiences Surge in On-Chain Activity and Network Engagement
The XRP ledger processed more than 1.7 million transactions in a single day, marking one of the busiest periods in recent weeks overall. This remarkable and unexpected spike indicates increasing participation and liquidity within Ripple’s rapidly expanding ecosystem, especially across payment corridors and decentralized operations. While this increased activity does not guarantee immediate price movement, it reflects growing utility and healthy network dynamics, suggesting that large holders may be strategically redistributing tokens to new participants to strengthen overall market balance.
Technically, XRP is fighting resistance around the important $3 mark. Recent movements above key moving averages, including the 50-day and 100-day, indicate renewed momentum. With the RSI still in a balanced zone, XRP has potential room for growth toward $3.30-$3.50 if buying pressure continues steadily. Altogether, the combination of active on-chain activity and solid technical positioning points to an XRP network clearly poised for possible bullish continuation as it enters the next exciting phase of market activity.
