34 Million XRP Moves to Exchanges, Sell-Off Incoming?
As cryptocurrency market prices rise, whales appear to be moving their XRP holdings to exchanges for potential sell-offs or other activity. This important XRP transaction was reported by Whale Alert, a blockchain-based transaction tracker on XRP (formerly Twitter).
Crypto whales offloaded $76 million worth of XRP
Whale Alert noted in a post on X that an unknown wallet had dumped 30.17 million XRP tokens worth $76.34 million to the Coinbase cryptocurrency exchange.
In addition to this noteworthy transaction, on-chain analytics firm Crypto quantization It was observed that the exchange’s reserves increased by 34 million XRP in the past 48 hours. This indicator shows that long-term holders have begun moving their holdings to exchanges, indicating a potential selling signal and the possibility that selling pressure may increase.
However, these sell signals are worth noting Ripple The transfer comes as the altcoin has broken out of a bullish flagpole price action pattern.
XRP Price Action and Key Levels
Despite these bearish signals, XRP maintains a bullish structure and is testing the key resistance at $2.60. However, a daily close above $2.62 could confirm a breakout and potentially push XRP up 70% to $4.42 in the future.
On the positive side, XRP’s relative strength index (RSI) is below the overbought zone, indicating that the asset still has plenty of room to continue its upward momentum.
Current Price Momentum
At press time, XRP was trading close to $2.52, with the price down more than 1.90% in the past 24 hours. However, its trading volume fell by 18% during the same period, indicating that trader and investor participation was lower than the previous day.
