Time to Sell XRP? Whale Dumps $95.5M on Coinbase
XRP, the world’s third-largest cryptocurrency by market capitalization, continues to make waves with whale interest and its impressive performance. However, recent whale activity appears to be causing concern among XRP holders as crypto whales have reportedly dumped nearly $100 million worth of XRP tokens onto the Coinbase cryptocurrency exchange.
XRP Whale sells off $95.5 million in tokens
On December 13, 2024, blockchain-based transaction tracker Whale Alert posted on X (formerly Twitter) that 39.43 million XRP tokens worth $95.5 million were transferred from an unknown wallet to Coinbase.
Although the sentiment surrounding XRP seems bullish, this whale activity indicates a bearish signal. Additionally, it raises the question of whether the whale knows something about XRP that indicates its price is about to fall.
$55 million in XRP leaked
The trade appears to be rejecting on-chain indicators that currently look bullish. According to on-chain analytics firm coin glassXRP spot inflow/outflow data shows that exchanges are continuing to experience large outflows. This indicates a potential upside rebound and further hints at an ideal buying opportunity.
Data shows that exchanges have witnessed massive outflows of $55 million from XRP in the past 48 hours, indicating strong interest and confidence among long-term holders.
XRP Technical Analysis and Upcoming Levels
According to expert technical analysis, Ripple Since early December 2024, it has been in a pattern of lower highs and lower lows. However, it is currently consolidating near the lower boundary. This price consolidation suggests that XRP’s bearish trend may soon end, paving the way for a potential bull run.
According to technical analysis, if XRP breaks out of the consolidation zone and closes the four-hour candle above $2.50, it has a high chance of rising by 15% to $2.90 levels in the coming days.
Conversely, if XRP breaks out of the consolidation zone and closes a four-hour candle below the $2.30 level, it could drop 15% to reach $2.00 levels in the near future.
Current Price Momentum
Currently, XRP is trading near $2.42 and has not experienced any price changes in the past 24 hours. Over the same period, its trading volume fell by 40%, indicating reduced participation from traders and investors amid the recent sharp price declines.
