Ripple’s XRP has surged recently on the number of whales accumulating. In a series of two major transactions, nearly $782 million in the cryptocurrency were shifted. The large transfers are causing a stir in the crypto community. At the same time, Ripple’s recent announcement to discontinue its quarterly market releases has spurred additional speculation and analysis. XRP price stays well above a key support level. Investors have been focused on several key technical indicators and market movements to get an idea of where the market is headed.

This supply coming to market recently has been highlighted by two particularly noteworthy transactions that have intrigued many market participants. The second transaction was even more significant, moving 70 million XRP from one unknown wallet to an even higher valued anonymous wallet with the $148.3 million transaction. A second and even larger transaction soon after cemented this trend. Ripple transferred 300 million XRP, worth $633.7 million, directly to an unknown wallet.

The timing of these transactions, all occurring within an hour, looks suspicious. Some speculators think Ripple is gearing up for an internal reorganization or a pivot. The explicit intended purpose of these transfers is still unverified, and as such, the crypto community is left to speculate on what these changes could mean.

Ripple Ceases Quarterly Market Reports

Adding to this surprising news, Ripple recently declared it won’t be publishing its quarterly market reports anymore. This decision represents the conclusion of an eight-year practice of providing periodic disclosures regarding developments in the XRP marketplace.

The quarterly reports were intended to promote transparency and keep the public informed about Ripple's activities and the overall health of the XRP ecosystem. Their cancellation will only increase the dearth of information that goes out to investors and market watchers.

The company has not released an official statement regarding the reasons behind the decision to discontinue publishing quarterly market reports. This lack of clarity will only lead to more speculation and uncertainty among the XRP community.

XRP Technical Analysis and Price Levels

Despite the significant whale activity and the discontinuation of market reports, XRP price is currently holding above the $2.10 support level. Technical analysis uncovers a few important support and resistance levels that may drive future price action.

If the bulls fail, XRP has an impressive near-term support area between $1.60 and $1.80. Working in SHIB’s favor is a secondary support zone between $1.85 and $2.00. These zones can help absorb future negative impacts. Third, they design opportunities for new buyers to enter the market and shore up the price.

Look out for overhead resistance around $2.40, one of several potential resistance levels in the medium to short term. Today, the biggest resistance is between $2.90 and $3.00. If XRP can break through these resistance levels, it could be a sign of renewed bullish momentum for XRP.

Bearish Indicators and Market Outlook

A rounded top formation has developed around the $3.80 level. This would suggest that XRP is undergoing a short-term distribution phase, with investors aggressively dumping their cryptocurrency. The 50-day simple moving average (50-day SMA) is moving south, nearing the 200-day SMA.

When the 50-day SMA falls below the 200-day SMA, it forms a bearish death cross pattern. This pattern is widely known as a death cross. With the release of each successive report, this pattern is viewed as a harbinger of more serious downward price pressure to come.

Some crypto market participants expect that XRP prices will retest the $1.85-$2.00 region before finding a bottom and recovering. Investors and traders should pay especially close attention to these important technical indicators and price levels to get the best bang for their buck.