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Analysis of Large XRP Transactions and Their Implications

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by Giorgi Kostiuk

8 hours ago


Recent large XRP transactions are sparking interest in the cryptocurrency market. One such transaction involved a transfer of $60 million worth of the cryptocurrency to Coinbase, leading to discussions about potential impacts on prices.

Transfer of $60 Million to Coinbase

Recently, a movement of 25.49 million XRP valued at approximately $60 million to Coinbase was reported. This transaction has raised speculation about possible sell-side activity. Despite a 22.2% drop in daily trading volume, XRP's price increased by 4.4% in the past 24 hours, rising from $2.26 to $2.40, pushing its market capitalization to 141.3 billion.

Secret Movements of Nearly $500 Million

The XRP network also recorded a transfer of nearly $500 million as 214,148,716 XRP were moved from a long-term wallet to a newly activated address that had no prior transaction history. Analysts suggest that this operation could have been related to an internal restructuring of Uphold, a well-known centralized wallet for XRP. The transfer did not affect liquidity and did not disrupt the market.

Optimistic Technical Analysis of XRP

Analyst Ali Martinez identified an inverse head-and-shoulders pattern on the 4-hour XRP chart, with the neckline placed between $2.31 and $2.33. Market indicators are expected to remain positive, with potential levels of $2.4560, $2.5259, and $2.6299.

In conclusion, the massive XRP transactions reflect a combination of market activity and internal strategies. This highlights the importance of both institutional strategies and technical signals in shaping XRP's future.

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