On Thursday, the market moved because of a big XRP transaction. One giant wallet moved 26.6 million XRP tokens with a value of 58 million to Coinbase. This occasion spawned a lot of conjecture, with no fast outcome on the trading cost of XRP.
Despite the transaction, XRP stayed stable near $2.16. The token was stable throughout the day, which indicates stable market activity. However, traders were closely observant of sudden sell-offs.
XRP demonstrated unusual price resilience amid broader market volatility. The analysts were unusually strong when other cryptocurrencies recorded losses. This was unlike normal initiatives of whale occurrences that normally precede market decline.
XRP Price Holds Firm Despite Whale Move
The large XRP transfer originated from an unidentified wallet. The transaction that Whale Alert flagged landed on the exchange wallet in Coinbase. Naturally, such movements indicate the likelihood of profit-taking or liquidations.
https://twitter.com/whale_alert/status/1935764303405076822
Market observers anticipated price declines, but the price remained constrained in a short range. XRP traded between $2.1415 and $2.1731 in the last session.
Such a narrow range meant low volatility. XRP did not breach key support at $2.09 or resistance near $2.24. The token was moving below significant exponential moving averages, which indicated short-term bearishness.
The technical indicators gave conflicting messages. The RSI was at 45.18, meaning that there was some level of selling pressure. It was still below the neutral 50 mark, implying that there was little buyer strength.
The MACD also indicated weak sentiment. Its value was -0.0270, and its signal was -0.0252. The histogram exhibited minor bearish divergence at -0.0018.
Still, XRP held its ground. The 200-day EMA supported the price action around $2.09. A close above 2.24 might reinforce a fresh bull market.
Optimism Surrounds XRP Amid ETF and Treasury Buzz
Some market participants interpreted the whale move differently. Optimists suggested that the move may relate to institutional accumulation. Talks of a potential spot XRP ETF in the U.S. contributed to the sentiment.
There is speculation around increased treasury inflows. Large wallets are reportedly accumulating XRP for long-term holdings. This has coincided with the asset’s recent triple-digit growth.
Since November 2024, XRP has surged over 300%. The token recently crossed the $2 mark for the first time in years, triggering a wave of profit realization.
Glassnode data confirmed the trend. Daily realized profits peaked at $68.8 million in early June. Still, XRP held above the psychological support level.
Alva, a crypto analytics platform, highlighted XRP’s performance. It noted that XRP remained strong during widespread crypto liquidations. This added weight to the narrative of growing market maturity.
Social media sentiment was mixed. Some users warned of a potential dump by the whale, while others viewed the action as a neutral or bullish sign.
Market Awaits Next Move as Price Consolidates
XRP continues to consolidate near critical technical levels. It is traded below the EMA 20/50/100, that is between the prices of 2.20 and 2.24. This maintains the token on short-term bearish pressure.
There are still other important support levels at $2.09. In case of violation, a more intensive correction can be observed. On the other hand, activity above the $2.24 level may indicate a freshened bullish vigor.
The volume and volatility are low, which indicates that a break in both directions is possible. The traders are monitoring any momentum change.
The market’s view is indecisive. The technical indicators indicate a poor trend direction. However, the price is holding at a good support level.
XRP’s next movement will likely hinge on broader market cues. Geopolitical activity and ETF news can affect direction. In the meantime, the token may move sideways.
FAQs
What triggered the XRP whale transfer?
A large wallet transferred 26.6 million XRP to Coinbase, prompting speculation of a potential sell-off.
Did the price of XRP drop after the transfer?
No, XRP remained stable and showed minimal price movement despite the large inflow.
What is the current technical outlook for XRP?
XRP is trading below key EMAs with weak RSI and MACD, signaling sideways movement.
Is there any ETF news influencing XRP?
Yes, optimism surrounding a potential spot XRP ETF in the U.S. has boosted sentiment.
What are the key price levels to watch?
Support lies near $2.09 and resistance around $2.24. A breakout in either direction could determine the next trend.
Glossary of Key Terms
Whale: A holder of a large quantity of cryptocurrency, often capable of influencing market prices.
RSI: A momentum indicator that measures the speed and change of price movements.
MACD: A trend-following indicator showing the relationship between two moving averages.
EMA: A weighted moving average that gives more importance to recent prices.
Coinbase: A major cryptocurrency exchange based in the United States.
Realized Profit: Gains that occur when an asset is sold for more than its purchase price.
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