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A major on-chain transaction involving 70 million XRP, valued at approximately $173.6 million, has drawn attention across the XRP community. According to Whale Alert, the large transfer was made between two unknown wallets, sparking discussions about its purpose and possible connection to Ripple’s liquidity operations.
According to @XRPwallets, the movement was identified as a Ripple 50 to Ripple 50 subwallet transfer, commonly used for On-Demand Liquidity (ODL) transactions. Such transfers are often executed to manage internal liquidity flows within Ripple’s payment network, supporting settlement functions across various corridors.
The transaction followed a period of reduced volatility for XRP, though the size of the transfer prompted analysts and traders to take notice. Market data shows that despite the scale of the movement, XRP’s price remained relatively steady, reflecting limited immediate market impact.
XRP is currently trading near $2.49, marking a 0.30 percent decline within the daily session. The asset remains below its 20-day simple moving average of $2.77, indicating short-term bearish sentiment in the market.
Bollinger Bands reveal that price activity is concentrated near the lower band around $2.35, serving as short-term support. A sustained move below this level could expose further downside risk, while a recovery above $2.78 might signal the beginning of a potential rebound toward $3.00.
Source: Tradingview
The Relative Strength Index (RSI) stands at 36.75, showing that XRP is approaching oversold territory. The indicator suggests weakening momentum, though no strong reversal signal has been confirmed.
Ripple’s liquidity movements through subwallets are part of its broader ODL mechanism, which facilitates instant cross-border payments using XRP as a bridge asset. Transfers between Ripple-associated wallets are often recorded before liquidity adjustments or institutional settlements occur.
The recent 70 million XRP transaction, therefore, aligns with the recurring pattern of large-scale internal movements within Ripple’s network. Despite speculation surrounding its purpose, trading behavior remains largely unchanged as XRP consolidates around key technical levels.
By 36Crypto
3 months ago
