On May 9, blockchain monitoring firm Whale Alert identified a massive transfer of 29,532,534 XRP, worth $69,536,183, to leading U.S.-based crypto exchange Coinbase.
This large transaction has raised eyebrows as it coincides with the ongoing bull market run, prompting investors to closely monitor on-chain activities.
Whales already dumping?
According to the data, the massive transfer was executed by an unknown wallet address in a single transaction, suggesting a possible sell-off attempt.
Although the exact motive behind the transaction remains unclear, it has sparked concern within the XRP community, especially as it aligns with a period of bullish momentum for the token.
Despite the transfer, XRP continues to exhibit strong bullish indicators. Over the past 24 hours, CoinMarketCap data shows that XRP has experienced a 3% daily surge, following an 8% gain the day prior. As of press time, XRP is trading at $2.35.
In addition to the price uptick, XRP has also recorded a 60.35% surge in trading volume, reflecting heightened activity among both retail and institutional traders.
While large transfers to exchanges are often associated with intent to sell, this specific transfer has the XRP community questioning whether whales are starting to take profits after the recent bull run.
What next for XRP?
XRP’s current positive price trend has fueled investor optimism, with expectations that the token could reach the $3 mark soon. Longer-term, some believe XRP could hit a new all-time high (ATH) before the onset of the next bear cycle.
However, if large holders begin to sell off holdings, this could stall XRP’s bullish trajectory. Whale profit-taking can lead to a spike in supply, outpacing demand and potentially driving prices down.
Such actions might also trigger panic selling among smaller, less experienced investors, leading to further downward pressure on the token’s price.
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Vladislav Sopov
U.Today Editorial Team