Massive XRP sell-offs have shaken the market in the past 24 hours, contributing to a notable price decline. Data reveals that an anonymous whale transferred over 29 million XRP to a major cryptocurrency exchange, raising concerns about growing liquidation pressure.
This movement comes amid a broader market downturn, with the global crypto market capitalization dropping 6.52% to $3.11 trillion. Bitcoin is trading at $95,000 (-3.42%), while Ethereum has slumped to $2,588 (-15%).
29 Million XRP Transferred to Coinbase
Blockchain monitoring platform Whale Alert reported a large-scale transfer of exactly 29,532,534 XRP—worth approximately $68.3 million—from an unidentified wallet to Coinbase. The sizable transaction has sparked speculation among the XRP community, with many questioning whether it signifies a broader selling trend.
XRP has already faced a significant price decline, currently trading at $2.36 after dropping 13% within a day. Analysts suggest that short-term investors may be cashing in on profits, as XRP has surged over 300% in the past three months, making it one of the best-performing cryptocurrencies.
Further research indicates that the anonymous whale responsible for this transaction has previously moved large amounts of XRP to Coinbase. The wallet, activated in March 2021, appears to be an influential player in the XRP market.
Future Outlook for XRP
Despite the bearish trend, many investors remain optimistic about a recovery. Seasoned traders view this downturn as an opportunity to buy at lower prices. XRP has yet to surpass its all-time high of $3.40, last reached in January 2018.
Analysts predict that once the market stabilizes, XRP could surge past $4, potentially hitting $5 within the year. Developments such as a potential XRP ETF approval and rumors of XRP’s inclusion in a U.S. crypto reserve could further drive its growth.
Conclusion
While XRP is facing short-term sell-offs, its long-term prospects remain strong. The recent whale dump raises concerns, but if institutional adoption and regulatory clarity improve, XRP could see a significant rally soon. Investors are watching closely to see if this dip presents a lucrative entry point.
Anthony Pedro
Anthony Pedro is a seasoned crypto writer with a deep passion for blockchain technology and digital currencies. With over 4 years of experience in the cryptocurrency space, Anthony has become a trusted voice, offering insightful analysis and commentary on the latest trends, innovations, and market movements. When not writing, he is actively engaged in the crypto community, attending conferences, advising blockchain startups, and experimenting with new projects.