An XRP whale moved $70.19 million worth of the token to Coinbase, leading to growing fears about a selloff. This action happened alongside a drop in price, low volume, and mixed derivatives activity.
XRP Whale Transfer Coincides with Price but Bullish Sentiment Remains
The transfer of the $70.19 million XRP to the leading crypto exchange was revealed by Whale Alert and posted on X. Many consider the movement of tokens to exchanges as preparation for a huge selloff.
According to CoinMarketCap data, XRP price dipped to $3.40 after the move, down 0.34% on the day. Volume dropped over 63% to $7.11 billion, indicating lower trading interest despite the whale action. The coin’s market cap now sits at $201.45 billion.
XRP price action showed intraday highs near $3.47 before slipping below $3.37. The recovery attempt stalled under $3.42, where new resistance appears to be forming. Despite the XRP whale’s action, the trading range remains tight, with no breakout signals yet.
On the derivatives front, Coinalyze data shows that XRP open interest dropped 0.63% to $4.3 billion. Perpetual contracts saw a 0.64% decline, while futures contracts rose 5.28%. This means that while some leveraged positions closed, others were opened.
Bybit and Binance led open interest totals across major platforms. Binance saw the highest dollar value, reflecting strong speculative positioning. The rise in futures interest shows that some traders are positioning for potential volatility following the whale transfer.
Data from this platform also shows that over 71% of XRP whales and traders are currently betting on higher prices across all major timeframes. The data for long/short ratio indicates a steady bullish view, with the ratio of 2.51 daily.
This implies that long positions outnumber the shorts by more than twice the number. The proportion increases to 2.64 on a shorter timeframe such as 5 minutes and 1 hour. These metrics indicate strong market conviction that XRP will continue rising.
Analyst Predicts $4.5 Target for XRP
Despite the XRP whale action, Analyst Solberg Invest shared a chart on X showing XRP retesting its previous high. The price surged past a long-term resistance trendline and is now holding above $3.4.
According to the analysis, XRP may reach $4.5 if this level holds. The analyst also suggests that if the momentum continues and coin reaches the next major target of $4.5, it would mark a 61% rise from current levels.
While the XRP whale move triggered caution, broader market data still leans bullish, making a major selloff unlikely for now. As previously reported by CoinGape, XRP whales and the bulls are anticipating a 480% surge in the price of XRP from its current price.
Paul
Paul Adedoyin is a crypto journalist with 4+ years experience who provides timely news, in-depth research, and insightful content to inform and empower his audience. His works have been featured on sites such as CryptoMode, CryptoNewsFlash among others.
He holds a degree in Geophysics from OAU, Nigeria. When he’s not writing, he loves watching soccer and reading educative journals.
He can be reached via [email protected]
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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