With prices rising across the crypto market, whales appear to be moving their XRP holdings to exchanges in preparation for potential sales or other activity. This significant XRP transaction was reported by blockchain-based transaction tracker Whale Alert on X (formerly Twitter).
Crypto Whales offloads $76 million worth of XRP
In a post on X, Whale Alert pointed out that an unknown wallet dumped 30.17 million XRP tokens worth $76.34 million on cryptocurrency exchange Coinbase.
In addition to this notable transaction, on-chain analytics firm CryptoQuant observed that exchange reserves increased by 34 million XRP in the past 48 hours. This indicator indicates that long-term holders are starting to move their holdings onto exchanges, indicating a potential sell signal and possible selling pressure.
Source: CryptoQuant
However, these sell signals and notable XRP relocations occurred just as the altcoin broke out of a bullish flag-and-pole price action pattern.
XRP price fluctuations and major levels
Despite these bearish signals, XRP maintains its bullish structure and is testing the key resistance level at $2.60. However, a daily close above $2.62 would confirm a breakout and could push XRP toward a 70% jump to $4.42 in the future.
Source: Trading View
On the positive side, XRP’s relative strength index (RSI) is below overbought territory, indicating there is still plenty of room for the asset to continue its upward momentum.
Current price momentum
At the time of writing, XRP is trading around $2.52, with a price decline of over 1.90% in the past 24 hours. However, over the same period, trading volume fell by 18%, indicating less participation from traders and investors compared to the previous day.
