XRP is the third largest cryptocurrency by market capitalization, continually making waves with the interest of whales and its impressive performance. However, recent whale activity seems to have raised concerns among XRP holders, as it has been reported that cryptocurrency whales have sold off XRP tokens worth nearly $100 million to the Coinbase cryptocurrency exchange.
XRP Whale Sells $95.5 Million Worth of Tokens
On December 13, 2024, the blockchain-based transaction tracker Whale Alert announced on X (formerly Twitter) that 39.43 million XRP tokens worth $95.5 million were transferred from an unknown wallet to Coinbase.
🚨 🚨 🚨 🚨 39,430,019 #XRP ($95,502,372) transferred from an unknown wallet to #Coinbase
– Whale Alert (@whale_alert) December 12, 2024
Although sentiment around XRP seems bullish, this whale activity indicates bearish signals. Furthermore, it raises the question: Does this whale possess some information about XRP suggesting that its price is about to decline?
$55 million in XRP outflow
This transaction appears to contradict the currently bullish on-chain indicators. According to data from on-chain analytics company Coinglass, XRP's spot inflow/outflow data shows that exchanges are experiencing significant outflows of funds. This indicates a potential upward rebound and further suggests ideal buying opportunities.
Source: Coinglass
Data shows that exchanges have witnessed a significant outflow of $55 million in XRP over the past 48 hours, indicating strong interest and confidence from long-term holders.
XRP Technical Analysis and Upcoming Levels
According to expert technical analysis, XRP has been in a pattern of lower highs and lower lows since early December 2024. However, it is currently consolidating near the upper boundary. This price consolidation suggests that XRP's bearish trend may soon come to an end, paving the way for a potential bull market.
Source: Trading View
According to technical analysis, if XRP breaks out of the consolidation area and closes above $2.50 on a four-hour candle, it is likely to rise by 15% in the coming days, reaching the $2.90 level.
Conversely, if XRP breaks down from the consolidation area and closes below the $2.30 level on a four-hour candle, it could drop by 15% and reach the $2.00 level in the near future.
Current Price Momentum
Currently, XRP is trading at approximately $2.42 and has not experienced any price change in the past 24 hours. During this period, its trading volume has decreased by 40%, indicating a drop in participation from traders and investors in light of a recent significant price decline.
