Data on the chain shows that XRP whales have entered a massive inflow of Coinbase Exchange, a sign that may be a bearish on asset prices.
XRP Whale has made huge deals over the past day
According to data from cryptocurrency transaction tracker service whale alerts, large movements on the XRP network have occurred in the past 24 hours.
The problematic move involved the transfer of 29,532,534 tokens, which was worth more than $68.7 million when the move was in progress on the blockchain. Given the large scale involved in the transaction, the whale entity is likely to be responsible.
Whales are large investors in the industry who can have a certain degree of influence in the market. Therefore, their actions deserve attention.
However, most of their transactions contain nothing interesting because cryptocurrencies are inherently anonymous. However, sometimes, an address that has been identified may involve this move. In these cases, there can be room for speculation of the intention behind the movement.
The same is true for the current XRP whale transmission. Here are the addresses involved in the transaction:
Looks like this massive move only needed a network fee of 0.00001 XRP | Source: Whale Alert
As can be seen above, the sending address of this XRP transaction is an unknown wallet, meaning it is not related to any known centralized platforms. In other words, this may be the investor’s personal wallet.
On the other hand, the receiving address is connected to a known entity: Cryptocurrency Exchange Coinbase. So it seems that with this move, the whale transfers the coins from its autonomous address to the exchange.
This type of action is called exchange inflow. Typically, holders send coins to custody of these central entities when they want to use one of their services, including sales. Therefore, exchange inflows may sometimes prove to be bearish on asset prices.
It’s hard to say whether the whales want to sell with this move, but profits may indeed be a motivation given that XRP has enjoyed bullish momentum over the past week.
In some other bullish news, XRP may be out of shoulder-to-shoulder pattern, as analyst Ali Martinez pointed out in X’s post.
The pattern recently forming in the cryptocurrency | Source: @ali_charts on X
Reverse head and shoulders is a pattern, as the name implies, it is the usual inverted version of head and shoulders. From the chart, it is obvious that after forming the right shoulder, the XRP seems to find a surge above the neckline, which may be a sign of a bullish breakthrough.
XRP Price
XRP briefly hit $2.36 in the past day, but since then, the coin seems to have suffered a pullback as it is now back to $2.27.
The trend in the coin's price over the last five days | Source: XRPUSDT on TradingView
Featured images from dall-e, whale-alert.io, charts from tradingview.com
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