XRP witnessed a mild rebound in the past 24 hours, with its price moving from $2.06 to $2.14. This uptick came amid renewed investor interest and increasing trading activity across major exchanges.
However, the bullish momentum is now facing a potential challenge. According to Whale Alert on X, a large holder transferred 29,532,534 XRP, valued at approximately $62.6 million, to Coinbase within the last 24 hours. This transaction has drawn the attention of market watchers and analysts alike.
Significant token transfers to exchanges such as Coinbase are typically interpreted as preparation for possible sales. If the transferred tokens are sold, the sudden liquidity influx could impact XRP’s short-term market structure. Market sentiment has shifted as investors weigh the implications of such a significant potential sell-off.
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XRP maintained its position at $2.12, with a 3.49 percent increase during the 24 hours when unknown market conditions prevailed. The trading volume for XRP recorded a 50.45 percent increase to reach $2.43 billion during the identified period on CoinMarketCap.
Whale Positioning Puts Pressure on XRP’s Recent Gains
The significant wallet movement could test the strength of XRP’s recent rally. Many crypto community members have pointed out that large sales often trigger wider sell-offs. If the transferred XRP is placed on the market, it could place selling pressure on the token, leading to a potential price pullback.
Despite the possibility of a sell-off, the current trading environment suggests there is still notable buying interest. The increased trading volume indicates active participation from retail and institutional players, which may help absorb any large sales without drastic price drops.
Experts will preserve Coinbase monitoring and observe the wallet situation in the future. Any forthcoming XRP sale will influence how the coin performs during the coming months.
Conclusion
While XRP’s recent price increase has shown resilience, the massive transfer to Coinbase introduces potential downside risks. The coming days may reveal whether market demand can withstand selling pressure from large holders.
Also Read: XRP Registers Sharp Move as Bollinger Band Squeeze Signals Possible Breakout
