34 Million XRP Moves to Exchanges, Sell-Off Incoming?
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With rising prices across the cryptocurrency market, whales appear to be moving their XRP holdings to exchanges for a potential sell-off or other activities. This significant XRP transaction was reported by the blockchain-based transaction tracker Whale Alert on X (formerly Twitter).
Crypto Whales Off-Load $76 Million Worth of XRP
In a post on X, Whale Alert noted that an unknown wallet had dumped a significant 30.17 million XRP tokens, worth $76.34 million, onto the Coinbase cryptocurrency exchange.
— Whale Alert (@whale_alert) January 12, 2025
In addition to this notable transaction, the on-chain analytics firm CryptoQuant observed that exchange reserves have increased by 34 million XRP in the past 48 hours. This metric show that long-term holders have begun moving their holdings to exchanges, indicating a potential sell-off signal and the possibility of increased selling pressure.
However, these sell-off signals and notable XRP transfers have occurred just as the altcoin has broken out from a bullish flag-and-pole price action pattern.
XRP Price Action and Key Levels
Despite these bearish signals, XRP maintains its bullish structure and is testing a key resistance at $2.60. However, a daily close above $2.62 could confirm a breakout, potentially driving XRP toward $4.42, a 70% surge, in the future.
On the positive side, XRP’s Relative Strength Index (RSI) is below the overbought area, indicating that the asset still has enough room to continue its upside momentum.
Current Price Momentum
At press time, XRP is trading near $2.52, having experienced a price drop of over 1.90% in the past 24 hours. However, during the same period, its trading volume declined by 18%, indicating lower participation from traders and investors compared to the previous day.
