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Major crypto exchange Coinbase has received inflows of 33,346,925 XRP within the last 24 hours. The 33,346,925 XRP was not moved at once but rather in two transactions.
The most recent transaction was 16,673,461 XRP ($52,321,943), shifted from an unknown wallet to Coinbase, according to Whale Alert. Previously, the blockchain data tracker reported an identical transfer of 16,673,461 XRP worth $51,834,742 from an unknown wallet to Coinbase.
While the exact reason for the move remains unknown, it could be due to funds being reshuffled. It should be kept in mind that deposits to exchanges might indicate an intent to sell, while withdrawals might imply buying.
The recent move comes at a time when XRP seeks stability amid broader market uncertainty. At press time, XRP was down 0.23% in the last 24 hours to $3.09. The crypto market largely traded in red in the early Thursday session, resulting in $399 million in liquidations, according to CoinGlass data.
Fed Chairman Jerome Powell downplayed expectations for additional rate cuts beginning in September, highlighting the central bank's focus on inflation control.
XRP double bottom pattern?
According to Ali, a cryptocurrency analyst, XRP could be forming a double bottom pattern with a close above $3.30 to confirm the breakout and open the door to $3.60. A double bottom is a bullish chart pattern, where the price sustains a low two times and fails to break down lower on the second attempt, instead continuing higher.
Since last Thursday, the pullback in the payments-focused cryptocurrency XRP has stalled, with bears consistently unable to break below $3. The hourly chart shows a double bottom formation near $3, with neckline resistance around $3.33, which coincides with the July 28 high.
A move over $3.33 would confirm the breakout and set up a retest of the recent high of $3.65 and then $4. Traders should keep a lookout for a fall below $2.995, which would likely result in a deeper decline.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team