Over $53 million worth of XRP has been transferred to Coinbase, sparking speculation across the crypto market amid mixed price signals and growing whale activity.
Whale Moves 16.8M XRP to Coinbase
According to blockchain tracking service Whale Alert, an unknown wallet sent 16,812,891 XRP, valued at $53,416,371, to Coinbase on July 26.
Such large exchange deposits often hint at a potential sell-off or portfolio rebalancing — although the intent remains unconfirmed.
The timing is noteworthy: XRP has been range-bound between $3.00 and $3.24, after a failed breakout attempt above $3.66 resistance. The recent whale transaction arrives during low volume and market indecision, adding to the intrigue.
Price Consolidation Signals Breakout or Breakdown
XRP is currently trading around $3.19, posting a 1.09% daily gain. Despite the shallow recovery, technical indicators remain neutral. The daily RSI at 61 suggests the bulls have a slight edge, but no strong momentum has returned yet.
If bulls manage to break above $3.66, XRP could rally toward $4.00 and even $4.50.
However, failure to hold above the $2.96 support zone could lead to a deeper correction to $2.60, analysts warn.
Whales Accumulate Despite Market Caution
In a surprising twist, whale accumulation has intensified. On July 25 alone, more than 130 million XRP were acquired at lower prices, as per on-chain analyst Ali.
Another large transfer of 35 million XRP (~$108M) between unknown wallets further suggests that large holders are positioning ahead of a major price move.
Outlook: Eyes on $4 as Whale Activity Builds
The massive transfer to Coinbase could be profit-taking, or simply liquidity preparation. Either way, with the $3.66 level acting as a key pivot, the next directional breakout will likely set the tone for XRP in August.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.