The transfer of $70.19 million of XRP to the leading cryptocurrency exchange platform was revealed by Whale Alert and published on X. Many consider the movement of tokens to exchange platforms as a preparation for a large liquidation.
According to data from CoinMarketCap, the price of XRP fell to $3.40 after the movement, down 0.34% on the day. The volume dropped over 63%, to $7.11 billion, indicating less interest in transactions despite whale activity. The market capitalization of the coin now stands at $201.45 billion.
The price of XRP recorded intraday highs near $3.47 before falling below $3.37. The recovery attempt stalled below $3.42, where a new resistance seems to be forming. Despite the XRP whale action, the trading range remains tight, with no breakout signals yet.
Regarding derivatives, Coinalyze data shows that open interest in XRP fell by 0.63%, to $4.3 billion. Perpetual contracts experienced a decline of 0.64%, while futures contracts rose by 5.28%. This means that while some leveraged positions were closed, others were opened.
Binance recorded the highest dollar value, reflecting strong speculative positioning. The increase in futures interest shows that some traders are preparing for potential volatility following the whale transfer.
Data also shows that more than 71% of XRP investors and traders are currently betting on higher prices across all major timeframes. The data on the long-to-short position ratio indicates a consistent bullish outlook, with a daily ratio of 2.51.
This implies that long positions outnumber short positions by more than double. The ratio increases to 2.64 in shorter timeframes, such as 5 minutes and 1 hour. These metrics indicate strong market conviction that XRP will continue to rise.
