A XRP whale made a large transfer of $64 million to Coinbase; it is noted that the price may target the critical resistance level of $2.31.

The XRP transfer of over $64 million made by a Ripple whale is being closely monitored by the market. The large transfer of 29,532,534 XRP from an unknown wallet to Coinbase indicates that large investors are starting to move again.

While XRP continues to trade above important support levels, investors closely monitor technical signals and whale movements that herald a potential rise.

Ripple Whales Increase Their Positions Before the Rise

According to chain data, Ripple whales have increased their positions in recent days. According to Santiment data, wallets holding between 10 to 100 million XRP added more than 200 million XRP in total last week.

This increasing accumulation is interpreted as institutional investors preparing for a potential price movement. Additionally, it is reported that 23% of US crypto investors hold XRP, making XRP one of the most well-known cryptocurrencies in the country.

According to Polymarket, the likelihood of ETF approval for XRP has risen to 80%. ProShares XRP ETFs, expected to be launched on May 14, are increasing expectations that XRP will retest $3.

This $64 million transfer to Coinbase further strengthens the positive outlook. Some analysts believe that this movement signals trust from whales and that they are acting ahead of general market trends. If this is true, XRP may be preparing to break important resistance levels.

Signs of a Rise in XRP Price

XRP is currently trading around $2.20 and has recovered from the recent drop to $2.15. The long position liquidation of $13.9 million that occurred on April 30 was met with just $1.49 million in short position liquidation following the price recovery.

Crypto analyst Javon Marks commented on the matter:

"Bullish signals observed in shorter time frames raise the possibility of a new upward movement for XRP."

Following the price drop, open positions in XRP futures decreased by 4%, indicating that investors may have adjusted their risks. However, the price continues to trade above the 20-day simple moving average (SMA) at $2.1677.

The upper Bollinger Band is currently at $2.3082, and a high volume close above this level could create a new opportunity for XRP to rise to $2.50 or even $2.80.

Technical Indicators Provide Mixed Signals

The Relative Strength Index (RSI) is currently at 52.44 and continues to stay in the neutral zone. However, its gradual increase may indicate rising buying interest. The average of the RSI is at 54.08, and this small deviation is being closely monitored.

The Chaikin Money Flow (CMF) is currently at -0.13, indicating capital outflows. However, the indicator approaching the neutral level of 0.00 implies that buying power may return and move into positive territory.

Bollinger Bands are currently narrowed, which usually indicates that a breakout is near. Investors expect XRP price to rise to $2.31 and be supported by increasing volume. If this happens, the bullish scenario could strengthen further.


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