$XRP

On May 9, blockchain monitoring company Whale Alert identified a massive transfer involving 29,532,534 XRP, valued at $69,536,183, transferred to the leading U.S. cryptocurrency exchange Coinbase.

This large transaction has drawn attention, as it coincides with the current bull market, prompting investors to closely monitor on-chain activities.

Are whales selling off?

According to the data, this large transfer was executed in a single transaction from an unknown wallet address, suggesting a possible attempt to sell off.

Although the exact motive behind the transaction remains unclear, it has raised concerns within the XRP community, especially as it aligns with the bullish momentum of the token.

Despite the transfer, XRP continues to show strong bullish indicators. In the past 24 hours, according to CoinMarketCap data, XRP experienced a 3% daily increase, following an 8% rise the previous day. As of the time of writing, XRP's trading price stands at $2.35.

In addition to the price increase, XRP's trading volume also recorded a 60.35% surge, reflecting increased activity from retail and institutional traders.

While large transfers to exchanges are typically associated with selling intentions, this particular transfer has led the XRP community to question whether whales have started taking profits in the recent bull market.