XRP is facing the possibility of losing its fragile $3 support zone amid looming selling pressure from a whale.
On-chain data indicates that 6,666,928 XRP, valued at approximately $53.1 million, was transferred from an unknown wallet to Coinbase, according to a transaction flagged by Whale Alerts on August 12.
Such a move is often interpreted by traders as a precursor to liquidation. While the sale is unconfirmed, a transfer of this magnitude can dampen sentiment and trigger preemptive selling, potentially pushing XRP below $3.
In many cases, whale moves spark panic, amplifying declines depending on market liquidity and broader crypto trends.
This development comes at a time when whales have been on an accumulation spree following legal clarity in Ripple’s case with the U.S. Securities and Exchange Commission. As reported by Finbold on August 12, whales scooped up 900 million XRP in just 48 hours.
The latest whale transaction has also shifted attention to the possibility of a U.S.-listed XRP spot ETF, which is now open for approval following the legal outcome. In the wake of this clarity, global interest in an XRP ETF recorded a massive 730% spike in a month.
XRP price analysis
At press time, XRP was trading at $3.20, up 0.16% in the past 24 hours and nearly 8% higher on the weekly chart.
The token remains well above its 50-day and 200-day simple moving averages (SMAs), signaling a strong uptrend with short-term momentum outpacing the long-term average.
On the other hand, XRP’s 14-day relative strength index (RSI) at 54.44 suggests neutral conditions, leaving room for further gains without overbought pressure.
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