The company Whale Alert, which monitors the blockchain, has just detected a large transfer of 29,532,534 XRP to Coinbase, a major American cryptocurrency exchange, on May 12.
This large transfer of XRP worth $73,380,255 occurs against the backdrop of a recent bull market seemingly coming to an end, as the prices of major cryptocurrencies return to the red zone after significant growth in previous days.
XRP remains bullish
Despite XRP not succumbing to this trend and continuing to grow, increasing in price by 6.87% over the last day, the coin has slowed its rapid growth and is stable at $2.53 at the time of publication, according to CoinMarketCap.
Here is a more detailed yet concise version of the article:
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XRP has temporarily slowed its growth amid the activity of large investors.
The cryptocurrency XRP stabilized at $2.63 in the second half of the day; however, its recent rapid growth has been halted. This is due to active profit-taking by short-term investors and a surge in sales by large holders known as 'whales.'
A confirmation is a recent large transaction — millions of XRP were transferred from an unknown wallet to a cryptocurrency exchange, which may indicate preparations for a sale. Such activity is becoming more frequent: over the past week, many large transfers have been recorded in the XRP network, indicating growing interest from institutional and experienced investors.
Nevertheless, despite the market correction, XRP maintains an upward trend. The trading volume over the day has increased by more than 139%, indicating high activity among market participants. This supports optimism among investors: many believe the price will remain above $2 and approach the $3 mark soon.
However, if sales from 'whales' intensify, this could restrain further growth of the cryptocurrency. At the same time, sustained interest and positive price signals bolster faith in achieving a new all-time high by the end of the current bullish cycle.
As XRP held steady at $2.63 for more than six hours in the second half of the day, its recent rapid ascent has seemingly halted due to a sharp increase in sales from short-term investors looking to lock in profits.
This is confirmed by recent activity of 'whales,' during which millions of XRP were transferred to a cryptocurrency trading platform. Data shows that the mass transfer was made from an unknown wallet address in a single transaction, indicating a possible attempt to sell by 'whales' of XRP.
Although the reason for such a large transfer is unknown, the XRP community has recorded more of these large transactions over the past week, indicating increased trading activity among known and institutional investors.
Despite the ongoing market correction, XRP has maintained its bullish momentum. The trading volume of the coin has increased by over 139%, indicating ongoing activity among traders.
Given that XRP shows positive dynamics despite overall market pressure, there are grounds to believe that the cryptocurrency is highly likely to maintain its price above $2 and soon reach the $3 mark.
Despite XRP showing signs of a long-term bullish trend, larger sell-offs by 'whales' could hinder its further growth or reaching the $3 mark in the near term.
Positive price trends of XRP have strengthened investor confidence, and many expect the cryptocurrency to reach a new all-time high by the end of this bullish cycle.