As whale activities tied to XRP continue to increase, the latest of such moves has seen millions of XRP tokens deposited into Coinbase at once, according to recent data shared by on-chain monitoring firm, Whale Alert.
Whale dumps millions of XRP
According to the data, the large XRP transfer, which involves a total of 25,526,865 XRP by a single whale, has sparked reactions as the market sees a sudden shift in investors' sentiments after a massive price rally that lasted for multiple days.
While the transfer was traced to an unknown sender with the wallet address “rJQC2R,” the mysterious nature of a transfer worth over $73 million has sparked more concerns among investors who are worried about the impact of the move on the market value of XRP.
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The timing of the transfer remains sensitive for the crypto community as XRP is seen returning to the red zone after a massive bull run that saw it reclaim its four-month high. Holders are more worried that the move pulled by the whale might be signaling a close on the recent XRP price rally.
Although the exact reason behind the major XRP transfer was not disclosed, speculations suggest that large token deposits to major cryptocurrency exchanges like Coinbase, coinciding with a broad market correction, could be a sign that whales are responding to broad market selling pressures or have decided to take profits.
XRP bull run over?
Following the recent price rally that saw XRP rebound above the major $3 mark, investors' interest in the future potential of the token has surged significantly, and market analysts have continued to share bullish price predictions for the token.
Nonetheless, the pace at which XRP was trading has slowed down significantly, seeing the token show a decent 0.4% decrease in price over the last day.
According to data provided by CoinMarketCap, XRP is trading at $2.93 as of press time.
Despite the ongoing downturn in the price of XRP, investors are optimistic that the possible withdrawal of the SEC’s appeal and institutional support via the looming XRP ETF debut will return the token to its bullish zone in no time.
