XRP Whale Transfers $57.7 Million to Coinbase Amid Rising Sell Pressure and Potential Support Test

• XRP faces mounting sell pressure as a whale transfers 26.8 million tokens worth $57.7 million to Coinbase, signaling potential market weakness.

• The altcoin has declined from $2.33 to $2.08 over four days, with large holders increasingly offloading their positions amid bearish momentum.

• According to COINOTAG, “The significant exchange inflow and sustained low Taker Buy Sell Ratio underscore a dominant sell-side trend in XRP’s market activity.”

XRP’s recent whale transfer to Coinbase intensifies sell pressure, risking a breach of $2 support and potential slide to $1.90 amid bearish market signals.

XRP Whale Transfers Highlight Growing Market Sell-Off

Recent blockchain data reveals that a single XRP whale moved approximately 26.9 million tokens valued at $57.7 million to Coinbase, one of the largest cryptocurrency exchanges. This sizeable transfer is a strong indicator of imminent selling activity, as whales typically deposit tokens to exchanges to liquidate holdings. Over the past month, XRP whales have been the primary drivers of large spot market orders, contributing significantly to price volatility. The Spot Average Order Size metric from CryptoQuant illustrates a consistent pattern of large transactions, which, in this context, align with distribution rather than accumulation.

Source: CryptoQuant

Exchange Netflows Confirm Intensifying Sell Pressure

Further corroborating the sell-side dominance, XRP’s exchange netflow recently flipped positive for the first time in six days, registering an inflow of $1.1 million. This shift indicates that more XRP tokens are moving onto exchanges than off them, a classic precursor to increased selling activity. CoinGlass data highlights this trend, showing a sustained increase in exchange inflows. Additionally, the XRP Taker Buy Sell Ratio has remained below 1 for six consecutive days, signaling that sellers have consistently outnumbered buyers in the market. This persistent imbalance underscores the bearish sentiment prevailing among traders and investors.

Source: CoinGlass

Source: CryptoQuant

Technical Outlook: XRP Risks Breaching Key Support Levels

From a technical perspective, XRP is currently testing critical support at the $2 psychological level. The recent price decline from $2.33 to $2.08 over four days reflects sustained selling pressure that could push the price below this threshold. Historical data suggests that when selling pressure remains unchecked and buyer demand fails to rebound, prices tend to drop further. Analysts at COINOTAG indicate that a breakdown below $2 could lead XRP to test the next support near $1.90. Conversely, a daily close above $2.20 would signal renewed buying interest, potentially stabilizing the market and halting the downtrend.

Market Sentiment and Future Implications

The current market sentiment around XRP is predominantly bearish, driven by large holders’ exit strategies and a lack of significant buying momentum. This scenario places XRP in a vulnerable position, with the risk of further declines if selling persists. Traders and investors should monitor exchange inflows, netflow trends, and the Taker Buy Sell Ratio closely to gauge shifts in market dynamics. A reversal in these indicators could provide early signals of a potential recovery. Meanwhile, cautious market participants may consider risk management strategies to navigate the prevailing volatility.

Conclusion

XRP’s recent whale transfer and sustained sell-side dominance highlight a critical juncture for the altcoin. With key support at $2 under threat and bearish metrics prevailing, the market faces heightened downside risk. However, a decisive daily close above $2.20 could restore confidence and signal a potential turnaround. Investors should remain vigilant, leveraging technical indicators and market flows to inform their strategies in this evolving landscape.