A recent transaction by a prominent Ripple 
$1 whale, involving $55 million worth of XRP, has caused confusion in the crypto community after XRP prices dipped below $3. Whale Alert reported the transfer of 18,744,800 XRP on October 6, initially suggesting a potential sell-off. However, blockchain records confirmed it was an internal transfer from Ripple (31) to Ripple (1) wallet. Further investigation reveals these assets moved for the first time in two years as part of Midnight Foundation’s “Midnight Glacier Drop”. According to CryptoAppsy, XRP fell 2% within 24 hours to $2.98, with intraday fluctuations between $2.95 and $3.07.
Details of the Ripple Whale’s XRP Transfer
According to XRPScan, the transaction occurred between tagged wallets within the Ripple ecosystem, indicating an asset management maneuver rather than a sale to an exchange. Ripple (31) transferred approximately 18,744,807 XRP to Ripple (1), which had recently received a substantial inflow of 300 million XRP from Ripple (26). After this transfer, Ripple (1)’s balance rose to 668,745,081 XRP, containing coins associated with Bitstamp and GateHub.
The Midnight Foundation’s massive “Midnight Glacier Drop”, heralded as the largest cross-blockchain AirDrop to date, is the primary reason for the coin influx to Ripple (31). This undermines social media chatter of a “whale sale”.
The transaction’s timing with Whale Alert’s October 6 notice coincided with a price drop, fueling speculation. However, the data shows the transfer lacked any counterparty or exchange involvement necessitating a sale, instead of serving as internal consolidation.
Current XRP Price Status
In the short term, XRP’s weakness mainly owes to CryptoQuant’s “XRP Whale Flow” indicator, which remains negative, reflecting a net distribution by large wallets and heightened sensitivity around the $3 mark.
Derivative market data presents a mixed picture. According to CoinGlass, XRP’s total open futures positions rose by 0.22% in 24 hours to $8.95 billion. While CME saw a decline of 1.55, Binance reported a 2.66% increase. A 7% volume increase suggests consistent short-term trading interest.
Technically, a breakout above the descending wedge on the daily chart is anticipated. Analysts target an initial $3.33. A new ATH attempt is on the horizon if heights are achieved. $2.80 remains a crucial support level. Maintaining this level is key to reclaiming the $3 threshold permanently and setting up an advance to $3.33.
