A $70.19 million XRP transfer to Coinbase sparked caution as the token’s price dropped and trading volume significantly declined.
Despite the whale move, derivatives data shows increased futures interest, suggesting traders are preparing for potential price swings.
Long/short ratios show over 71% of traders betting on a price increase, signaling continued bullish sentiment across major timeframes.
A large XRP holder moved 20.4 million tokens, worth approximately $70.19 million, to Coinbase on Friday, according to blockchain monitoring service Whale Alert. The transfer aligned closely with a price decline and falling trading volume, raising concerns about a potential sell-off.
Following the transaction, XRP’s price slipped below the $3.40 mark, registering a 0.34% loss on the day, based on CoinMarketCap data. The digital asset saw a sharp decrease in trading volume, falling over 63% to $7.11 billion. The market capitalization of XRP now stands at $201.45 billion.
Intraday movements showed prices reaching as high as $3.47 before declining to under $3.37. The coin later attempted a minor recovery but faced resistance near $3.42. Despite the volatility, XRP continued to trade within a narrow range, without any significant breakout indicators.
Mixed Signals from Derivatives Market
Data from Coinalyze pointed to a slight dip in XRP open interest, which fell by 0.63% to $4.3 billion. Perpetual contracts declined by 0.64%, while futures contracts rose by over 5%. This contrast suggests that while some leveraged positions were closed, other traders increased their exposure, possibly anticipating upcoming volatility.
Bybit and Binance led in open interest volume, with Binance showing the highest dollar value. This indicates elevated speculative activity, even as overall sentiment remained cautiously optimistic.
Coinalyze data revealed that over 71% of traders held long positions across all timeframes. The daily long/short ratio stood at 2.51, increasing to 2.64 on shorter timeframes like five-minute and one-hour intervals.
This suggests that long bets continue to outpace shorts by more than double, reinforcing the market’s bullish lean.
Analyst Targets $4.5 as XRP Retests Previous Highs
Crypto analyst Solberg Invest shared a chart indicating XRP retesting its previous highs and staying above the key $3.4 level. If the trend holds, the analyst noted a potential rise to $4.5, reflecting a possible 61% gain from current levels.
Broader sentiment and futures positioning continue to favor the upside, despite immediate concerns around whale movement.
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