Large XRP Holder Dumps 29M Tokens Worth $73M to Coinbase, Raising Market Concerns

A large XRP holder has sent more than 29 million tokens worth $73 million to Coinbase. Whale Alert traced the transfer and caused investors to speculate that there may be a coming sell-off.

Key Insights

* A large XRP holder has sent more than 29 million tokens, worth over $73 million, to Coinbase, sparking speculations of a potential sell-off.

* The transaction was closely observed by crypto tracking platform Whale Alert and occurred as the token approached a crucial resistance level.

* Experts are discussing the implications of this sudden transfer for the cryptocurrency market.

A large XRP holder has sent over 29 million tokens to Coinbase, as the coin approached a crucial resistance level.

The huge transaction was closely observed by crypto tracking platform Whale Alert.

As the coin approached a crucial resistance level, experts discussed the implications of this sudden transfer for the cryptocurrency market.

XRP Whale Move May Bring More Selling to Market

According to Whale Alert, 29,576,560 XRP were moved from an unknown wallet to Coinbase. A crypto tracking platform Decoded noted that this type of transaction is usually considered bearish when done at or near resistance levels, as it may indicate a large holder intends to sell.

XRP was trading at $2.48 by 09:00 ET after reaching a weekly high of $2.54. The large-scale transfer has led to speculation about whether the sender plans to liquidate their holdings. A sell order of this size could introduce selling pressure that would threaten recent gains.

The market had been showing signs of strength, supported by technical indicators and rising trading volumes. However, a sudden influx of supply from a whale wallet can disrupt price stability. Many analysts are now watching the $2.40 to $2.20 support zone closely for signs of weakness.

XRP Price Leverage and Sentiment at Key Levels

Crypto analyst Steph Is Crypto noted that the $2.00 level is still packed with long leverage positions. This concentration of leverage could become a concern if the price starts to fall, leading to liquidations. If the whale’s transfer triggers a correction, these leveraged traders could face forced exits, further pushing the price down.

Binance data from CryptoQuant shows that XRP’s open interest has grown by $344 million over the past six days. This increase suggests more traders are betting on future price moves. The taker buy/sell ratio stands at 0.91, meaning short positions are still dominant. If prices fall toward $2.00, the pressure on long positions may increase.

At the same time, the funding rate for Ripple’s native asset is now neutral, suggesting a balance between long and short interest. But if short positions grow while the price drops, a short squeeze could occur. This could bring volatility, though it does not guarantee upward movement.

XRP Price Bullish Calls Continue Despite Whale Moves

Some market participants remain confident in the coin’s long-term prospects. Crypto trader Cobb posted that XRP at $2.50 is “the new $0.60” and suggested a target of $10 or more by the end of 2025. Another analyst, Egrag Crypto, shared a short-term price target of $2.65 and advised the XRP community to remain steady.

Analysis of the data shows that Ripple’s coin has now broken through a falling wedge pattern. Ethereum’s breakout was boosted by a spike in trading volume and an 11% increase during the weekly candle. Experts think it could indicate that the market is still moving upward as long as that level is reached.

Even so, there is strong resistance at both $2.60 and $3.15. The past two weeks have seen XRP fail to break above $2.60 several times. The data from Binance shows that buyers are handling sellers’ orders well now, although this can quickly turn the other way if large owners start selling.

At this moment, the $2.40 to $2.20 region continues to be very important. Should the coin move below the current resistance, traders are expected to test the lower areas at $1.78 and $1.68.