XRP’s recent price rally has seen whales transferring $108 million to Coinbase, raising concerns about potential sell-offs. Despite this, bullish patterns suggest a target of $3.80.
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Whales moved 33.396 million XRP tokens worth $108 million to Coinbase.
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Exchange reserves have increased, indicating more XRP hitting centralized platforms.
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Technical analysis suggests a potential price target of $3.80, supported by bullish chart patterns.
XRP’s price rally raises sell-off concerns as whales transfer $108 million to Coinbase. Discover the latest trends and price analysis here.
| Transaction Type | Amount (XRP) | Value (USD) |
|---|---|---|
| Whale Transfer | 33.396 million | $108 million |
What is Driving XRP’s Recent Price Rally?
The recent surge in XRP’s price is largely attributed to significant whale activity, with whales transferring $108 million worth of XRP to Coinbase. This movement raises questions about the sustainability of the rally.
How Are Whales Impacting XRP’s Market?
Recent on-chain data indicates that large transactions are influencing market dynamics. Whale Alert flagged two major transfers, totaling 33.396 million XRP tokens. Additionally, CryptoQuant reported an increase in exchange reserves, suggesting more XRP is being moved to centralized platforms.
Frequently Asked Questions
What are the key price levels for XRP?
The major liquidation levels for XRP are currently at $3.134 on the lower side and $3.334 on the upper side, indicating critical battlegrounds for traders.
How does whale activity affect XRP’s price?
Whale activity can significantly impact XRP’s price by creating volatility. Large transfers often signal profit-taking, which can lead to short-term price declines.
Key Takeaways
- Whales moved XRP worth $108 million to Coinbase: This indicates potential sell-off pressure.
- Exchange reserves have risen: More XRP is being moved to centralized exchanges, suggesting profit-taking.
- Technical indicators point to a target of $3.80: Bullish chart patterns support this price outlook.
Conclusion
In summary, XRP’s price rally is influenced by significant whale activity and rising exchange reserves. While this raises sell-off concerns, bullish patterns indicate a potential target of $3.80. Traders should remain vigilant as market dynamics evolve.
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XRP’s recent price rally has been impressive, climbing by 20% on the charts.
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However, concerns arise as whale activity suggests potential sell-offs.
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Technical analysis indicates a bullish outlook, targeting $3.80.
XRP’s price rally raises sell-off concerns as whales transfer $108 million to Coinbase. Discover the latest trends and price analysis here.
XRP bulls’ activity raises sell-off fears
In fact, fresh on-chain data has raised some very important questions about the rally’s staying power. For example – Whale Alert flagged two large transactions in the last 24 hours alone.
These transactions totalled 33.396 million XRP tokens worth $108 million, all of which was transferred to Coinbase.
Source: X (Formerly Twitter)
That’s not all though as according to CryptoQuant, Exchange Reserves climbed as more XRP hit centralized platforms.
Source: CryptoQuant
Naturally, such inflows often mean that long-term holders are taking profit, bolstering the short-term bearish case for the altcoin.
XRP bulls in the game?
At the time of writing, XRP was trading at $3.25, up 2.5% over the last 24 hours. This, despite the trading volume falling by 15% from its previous session. Such a dip in participation could mean that some traders are stepping back as the price nears its all-time high.
Consider this – COINOTAG’s technical analysis showed XRP breaking above a descending trendline on the daily chart, then clearing a bullish flag on the 4-hour timeframe. At the time of writing, it appeared to be shaping an inverted head-and-shoulders pattern that is yet to be confirmed.
Source: TradingView
Following the latest breakout from the flag and pole pattern, the altcoin may be poised for a 15% price uptick to hit a new high of $3.80. Such a bullish outlook may be further strengthened by the engulfing candle XRP formed over the past week.
Besides the price action, the Bollinger Bands highlighted strong bullish momentum across the board. However, with the price hovering near the upper band, there may be a minor pullback before another leg higher.
Finally, the Relative Strength Index’s (RSI) reading of 59 implied that XRP bulls might still have some room to push.
Liquidation clusters point to key battlegrounds
At the time of writing, the major liquidation levels were $3.134 on the lower side and $3.334 on the upper side.
Source: CoinGlass
Around these zones, traders built $170.01 million in longs versus $24.85 million in shorts. This could be a sign that XRP bulls are dominating positions and might extend their price rally.
