An XRP whale wallet carried out a significant XRP transfer worth $50,622,428 as the market records one of its bearish moments this year.

This transaction has raised concerns as it coincides with a substantial dip in the price of XRP. The cryptocurrency’s price, currently at $0.4596, reflects a 17.25% decline in the last 24 hours and a 23.60% drop over the past week.

XRP Whale Activity

The transaction involved the transfer of 95,678,794 XRP between two unidentified wallets: rKs1TWFpdp…hS3ekPTMNN and rMMoG6nqJD…FKgrij9kjw. The large volume of this transfer has potential implications for the market, as movements of such magnitude can influence price fluctuations.

Notably, previous activity from the sender’s wallet on the same day included a transfer of 2.800 million XRP to another wallet, further proving significant activity. However, the recipient wallet is a relatively newer address, activated at the time of the transaction.

The latest movements represent one of multiple instances of increased XRP whale activity. In May, XRP experienced significant whale activity, with Santiment reporting that whales added a staggering 3.17 billion tokens, boosting network activity. This accumulation coincided with a flurry of whale movements, with major players acquiring 540 million XRP worth over $270 million in five weeks.

Reports also revealed active accumulation by whales and sharks across Bitcoin, Ethereum, XRP, and Chainlink. At the time, analysis showed a strategic uptick in asset procurement by large-scale holders, with XRP particularly standing out.

Increasing Number of Holders

Amidst the large transfers, the total number of XRP holders has shown a steady upward trend. This growth suggests increased interest in XRP.

XRP Breakout by August?

Elsewhere, Michael XBT predicts that XRP will reverse its ongoing downtrend by August, expecting the cryptocurrency to reclaim its long-lost $2 price point. He points to the formation of a historic bull pennant on the XRP chart.

Confident that a breakout will occur this month, Michael XBT emphasizes that the current dip in XRP’s price should be viewed as an accumulation opportunity, as the window to purchase XRP at a low price is rapidly closing.