Summary
⚈ XRP is holding steady above key levels despite large transfers.
⚈ Traders await reaction to SEC-Ripple settlement filing.
XRP’s rally toward the $2.50 resistance level may now be at risk following the dumping of over $130 million worth of the token on the Coinbase cryptocurrency exchange.
The first notable transfer occurred on May 3, when a wallet moved 29.53 million XRP, worth approximately $64.4 million, to Coinbase.
Just six days later, on May 9, an identical transfer of 29.53 million XRP was recorded, valued at $69.5 million due to the token’s price appreciation during that period, according to on-chain data shared by Whale Alert.
Combined, these transactions represent 59.06 million XRP, totaling approximately $133.9 million sent to the exchange, presumably with the intent to sell.
Motivation for dumping XRP on Coinbase
While the exact motive behind the transfers remains unclear, large deposits to centralized exchanges from unknown wallets (as opposed to custodial or cold storage) often suggest selling intentions by whales.
The timing is also notable, as XRP recently broke out of a consolidation phase. Profit-taking opportunities amid renewed bullish momentum may have triggered the sales.
It’s worth noting that XRP had been consolidating just above the $2 mark before gaining fresh momentum in line with broader market sentiment.
On May 10, crypto trading analyst Ali Martinez noted in an X post that XRP had flashed a buy signal, potentially marking the start of a bullish reversal after weeks of sideways movement.
The signal appeared as XRP’s price broke above the $2.35 resistance zone, possibly setting the stage for a renewed push toward the $2.50 mark.
At the same time, on-chain fundamentals have been mixed, but the price has held relatively steady. For example, despite Ripple unlocking 1 billion XRP early this month, the token remained stable, with whales accumulating roughly $1.8 billion of XRP over the past month.
Crucially, investors are closely watching for a price reaction following the U.S. Securities and Exchange Commission’s (SEC) official filing of a settlement agreement in the long-standing legal case against Ripple.
XRP price analysis
At press time, XRP was trading at $2.40, up nearly 0.5% over the past 24 hours and 9% on the weekly chart.
So far, the recent whale transactions have had minimal impact on XRP’s short-term price action, with overall sentiment remaining bullish. The token is trading above the 50-day and 200-day simple moving averages (SMA), currently around $1.90, a positive technical signal.
Meanwhile, the 14-day Relative Strength Index (RSI) stands at 62.97, suggesting XRP is approaching overbought territory. A volatility rate of 3.67% points to moderate price fluctuations.
Featured image via Shutterstock
