XRP Whale Transfer to Coinbase Raises Concerns in the Ripple Community
A large transfer of 29.53 million $XRP (approximately $64.43 million) from a whale wallet to Coinbase has raised concerns within the Ripple community. Many investors speculate that this transaction signals potential sell-off or profit-taking, which could lead to a decline in XRP prices.
According to CryptoTimes, similar large transfers to exchanges like Coinbase in the past have often been seen as indicators of market sell-offs, frequently followed by price drops. A similar transfer of 29.5 million XRP occurred on April 29, and analysts at the time also interpreted it as a bearish signal.
Currently, XRP has fallen from its weekly high of $2.348 to around $2.18, representing a 1.27% decline in the past 24 hours. Notably, trading volume has dropped by 30% to about $1.49 billion.
Will XRP Drop Below $2?
This whale transfer is particularly concerning as it comes during a period when XRP is struggling to maintain key support levels, heightening fears of a price crash.
Technical indicators are sending mixed signals. While the MACD shows ongoing bullish momentum, the CRSI is nearing overbought territory, suggesting a potential correction. Additionally, the increase in open interest alongside the drop in volume indicates that market participants are preparing for greater volatility.
