u.today
As whale activities tied to $XRP continue to increase, the latest of such moves has seen millions of $XRP tokens deposited into Coinbase at once, according to recent data shared by on-chain monitoring firm, Whale Alert.
Whale dumps millions of $XRP
According to the data, the large $XRP transfer, which involves a total of 25,526,865 $XRP by a single whale, has sparked reactions as the market sees a sudden shift in investors' sentiments after a massive price rally that lasted for multiple days.
While the transfer was traced to an unknown sender with the wallet address “rJQC2R,” the mysterious nature of a transfer worth over $73 million has sparked more concerns among investors who are worried about the impact of the move on the market value of $XRP.
The timing of the transfer remains sensitive for the crypto community as $XRP is seen returning to the red zone after a massive bull run that saw it reclaim its four-month high. Holders are more worried that the move pulled by the whale might be signaling a close on the recent $XRP price rally.
Although the exact reason behind the major $XRP transfer was not disclosed, speculations suggest that large token deposits to major cryptocurrency exchanges like Coinbase, coinciding with a broad market correction, could be a sign that whales are responding to broad market selling pressures or have decided to take profits.
$XRP bull run over?
Following the recent price rally that saw $XRP rebound above the major $3 mark, investors' interest in the future potential of the token has surged significantly, and market analysts have continued to share bullish price predictions for the token.
Nonetheless, the pace at which $XRP was trading has slowed down significantly, seeing the token show a decent 0.4% decrease in price over the last day.
According to data provided by CoinMarketCap, $XRP is trading at $2.93 as of press time.
Despite the ongoing downturn in the price of $XRP, investors are optimistic that the possible withdrawal of the SEC’s appeal and institutional support via the looming $XRP ETF debut will return the token to its bullish zone in no time.