A crypto whale just set off alarm bells for every one with sudden transfer of over 26 million XRP tokens worth nearly $60 million to leading U.S. based crypto exchange Coinbase. Such large transactions are often interpreted as bearish signals, as traders typically move their assets to platforms when they are planning to dump them.
On June 12, blockchain monitoring firm Whale Alert identified this massive transfer at 18:10:01 UTC, and highlighted it on social media with an automated alert. This whale alert has raised eyebrows as it coincides with the ongoing bull market run, prompting investors to closely monitor on-chain activities.
As per the data received from blockchain scanning tools, the massive transfer was executed by an unknown wallet address in a single transaction, suggesting a possible sell-off attempt.
Although the exact motive behind the transaction remains unclear, it has sparked concern within the XRP community as it aligns with a period of bearish momentum. Adding to the anxiety, over $9.51 million in long positions were liquidated in the derivatives market, further indicating a downward shift in trader sentiment as price declined.
A similar incident took place on May 9, where 230,770,000 XRP was transferred between two unknown blockchain wallets that caught the attention of the entire crypto community. At press time, XRP price dropped over 2% and the latest selloffs have sparked fears of a downturn.
Also read : US Declares Ripple’s XRP will Replace the Dollar: Fact Check