Peter Smith
XRP traders are watching closely as a massive whale dumps over $53 million worth of tokens on Coinbase, while the price hovers around $3.19.
A whale just moved a whopping $53.4 million in XRP to Coinbase, and crypto traders are trying to figure out what it means. According to Whale Alert, someone transferred 16,812,891 XRP tokens worth $53,416,371 from an unknown wallet straight to the exchange.
Nobody knows why they did it, but when big players dump this much crypto on an exchange, it usually means they're planning to sell. Or maybe they're just moving their funds around – who knows? Either way, it's got people talking.
XRP is currently trading at $3.19, up a modest 1.09% in the last 24 hours. Not exactly moon territory, but it's holding steady despite all the whale drama going on behind the scenes.
XRP Price Stuck in No Man's Land
The thing is, XRP has been pretty boring lately. The price has been stuck between $3 and $3.24 for days now, and traders are getting antsy waiting for something to happen.
What's weird is that even though the price isn't doing much, whales are going crazy. Just a couple days ago on July 25, another 35 million XRP ($108 million) got moved between wallets. On-chain analyst Ali noticed that whales actually bought over 130 million XRP in just 24 hours when the price dipped.
So while regular folks are getting bored with XRP's sideways action, the big money is still making moves. That's usually a sign that something's brewing.
XRP Price Eyes $4 Breakout
Here's the deal with XRP's price action: it tried to break above $3.66 on July 18 but got smacked down hard. Short-term traders took their profits and bailed, which sent the price tumbling to $2.96 before it bounced back.
Now XRP is just chilling in this $3 to $3.24 range, and the technical indicators are as exciting as watching paint dry. The daily RSI is sitting at 61, which gives bulls a slight edge but nothing to write home about.
If the bulls can get their act together and push XRP above that stubborn $3.66 resistance, we could see a run to $4, maybe even $4.50. But if they fail and XRP breaks below $2.96, things could get ugly fast with a drop to $2.60 on the cards.
The recent $53 million Coinbase deposit adds another wild card to the mix. Will this whale dump their bags and crash the party, or are they just parking their XRP for safekeeping? Only time will tell, but XRP traders better buckle up – this quiet period probably won't last much longer.
Peter Smith
