A recent large transfer of over $70 million in XRP has captured the attention of the cryptocurrency community. This event unfolds amid a sustained upward trend for XRP.
Large XRP Transfers Raise Questions
According to Whale Alert, a transfer of 25,498,179 XRP, valued at $70,224,089, was made to Coinbase in a matter of minutes. This transaction has prompted many questions regarding its purpose. Notably, XRP is currently trading positively, having increased in value for five consecutive days.
Analysts Predict Possible Breakout
Veteran trader Peter Brandt noted the formation of a key level on the XRP chart, suggesting that a breakout above $2.97 could initiate a new bullish trend with a target near $4.4. Support levels are observed at the 50-day and 200-day moving averages, currently at $2.23 and $2.36, respectively.
Market Watches Whale Activity Closely
While the reason for the transfer to Coinbase remains unclear, the move may signal either profit-taking or asset repositioning. This has raised concerns as whale activity in the market increases, and XRP tests significant resistance levels.
The situation with XRP and recent large transactions highlight an activation of the market and trader interest. Attention to resistance and support levels continues to grow.
