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According to blockchain data tracker Whale Alert, over $53.4 million worth of XRP has been sent to the major crypto exchange Coinbase.
Whale Alert reported that "16,812,891 XRP, worth nearly $53,416,371, was transferred from an unknown wallet to Coinbase."
While the exact reason for the move remains unknown, it is worth noting that deposits to exchanges may imply an intention to sell, while withdrawals may indicate buying. It might also be a mere reshuffling of funds.
The transfer comes amid a period of low trade volumes and cautious market sentiment for XRP. XRP's performance over the last week has been mixed, with the cryptocurrency attempting to stabilize following a price drop.
XRP was recently trading at $3.19, up 1.09% in the last 24 hours, according to CoinMarketCap.
XRP whale activity has risen despite the price lull. On July 25, Whale Alert reported that 35,000,000 XRP worth $108,305,198 were transferred between unknown wallets. Ali, an on-chain analyst, stated that whales bought XRP at a dip, scooping up over 130 million XRP within 24 hours.
XRP price
Buyers attempted to push XRP above the $3.66 resistance on July 18, but the bears held firm.
Short-term buyers took profits after the market failed to restart its ascent following a brief period of consolidation. That drove the XRP price to a low of $2.96 in a three-day drop, following which the price rebounded.
Since the rebound attempt, XRP has fluctuated between $3 and $3.24 as the market awaits the next major move. Momentum indicators, such as the daily RSI, have flatlined, indicating that range trading or consolidation may occur before a decisive move. At 61, the daily RSI hints at an advantage for the bulls.
If momentum returns, bulls may make one more try to push the XRP price above $3.66. If they succeed, XRP might rise to $4, then $4.50.
On the other hand, a break and close below $2.96 could signal the beginning of a deeper correction to $2.60.
Vladislav Sopov
U.Today Editorial Team