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A whopping $81,147,781 worth of XRP showed up on Coinbase, as reported by Whale Alert, and that alone was enough to turn a slow morning into a fast-moving situation because, any time more than 40 million XRP goes into a major U.S. exchange in one go, traders assume something bad is about to follow.
What added even more tension is that this transfer arrived in the same window when XRP was already sitting on thin liquidity and a shaky short-term setup, a combination that tends to exaggerate every sale.
Hours after the transfer, the price of XRP slipped under $1.90 in a single drop and then returned to the $1.93 area just as quickly, which is a familiar pattern during moments when size enters the exchange side of the market and traders are not ready to run defensive positioning.
Liquidation imbalance
Derivatives added to the heavier backdrop. The liquidation heatmap by CoinGlass later showed a massive 3,554% imbalance on XRP, with longs taking nearly all the damage, and this pressure appeared at the same moment BTC and ETH were clearing hundreds of millions worth of liquidations as well.
So the main question is still the same: what does the $81 million inflow to Coinbase really represent? Some think it was a pre-sell setup based on size alone, while others say it might have been a routine internal move that simply landed at a bad moment in a fragile market.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team