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In the last 24 hours, XRP has rebounded from $2.06 to $2.14 as bullish sentiment supports the asset's rally. This development might have triggered other actions on the broader cryptocurrency market. Notably, a massive transfer of over 29 million XRP hit Coinbase within this time frame, fueling speculation.
XRP whale movement stirs bearish fears
Per the Whale Alert update on X, an unknown wallet transferred 29,532,534 XRP, valued at $62.6 million, to Coinbase. The massive transfer signals large holder positioning to trade on the largest crypto exchange in the U.S.
Yuri MolchanGenerally, when tokens are moved to an exchange, it often suggests that the owner may have plans to sell. If that is the case with this massive transfer, the XRP community might have cause to worry as this could trigger bearish sentiment.
If the whale decides to dump over 29 million XRP onto the market, it could spark similar sell-offs, which could place downward pressure on the price. This development could wipe out what little gain the coin has registered in the last 24 hours.
Whale Alert’s update is significant as the actions of large holders have a notable influence on market dynamics and could cause market volatility.
Many who follow the coin’s performance may be interested in the impact of this massive transfer on price.
XRP’s bullish momentum faces test
As of press time, XRP's price was changing hands at $2.12, a 3.49% increase in the last 24 hours. According to CoinMarketCap data, XRP investors are actively transacting the coin, as trading volume has spiked by 50.45% to $2.43 billion.
Tomiwabold OlajideThe mild rally in price means XRP is no longer cheap compared to its price within the last 30 days, when it traded at $1.69. The dip offered investors, including whales, an opportunity to buy at a discount.
If market participants sustain bullish momentum, the impact of the 29 million XRP sales might not be too severe if willing buyers snap them up. This is because the current uptick in the price has been attributed to market engagement from investors.
Vladislav Sopov
Dan Burgin