A Ripple whale just transferred 26.6 million XRP, worth around $58 million, to Coinbase, sparking fresh speculation in the crypto market. According to blockchain tracker Whale Alert, the transfer came from an unknown wallet and raised immediate concerns of profit booking and potential sell pressure.
To everyone surprise, the price of XRP remained unchanged. It is holding at the time of reporting at $2.16, which is surprisingly strong given the massive inflow into a centralized exchange.
This kind of whale action is normally a sign of a potential sell-off and this tends to pull prices down. However, this time the market remained calm.
Alva, a crypto analytics platform, said XRP showed “impressive resilience” at a time when other cryptocurrencies were struggling amid heavy liquidations and fears linked to the Israel-Iran tensions.
The responses are divided on social media. Other traders are cautioning that the whale could be about to dump, whereas others are interpreting this as a bullish indicator of increased market maturity. It is thought that the price is being boosted by increasing optimism of a potential spot XRP ETF in the US and massive treasury buying.
The recent rally of XRP contributes to the story. Since November 2024, the token has increased by more than threefold, breaking the $2 threshold, and providing investors with more than 300 percent returns. It has caused a round of profit taking, with Glassnode data indicating that $68.8 million worth of daily profits were realized in early June.
This whale is either selling or not selling, but the price action of XRP is showing that the market is becoming stronger.
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