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XRP, the world’s third-largest cryptocurrency by market capitalization, is continuously making waves following whale interest and its impressive performance. However, recent whale activity appears to be a cause for concern for XRP holders, as crypto whales have reportedly dumped nearly a hundred million dollars worth of XRP tokens onto the Coinbase cryptocurrency exchange.
XRP Whale Dumps $95.5 Million in Tokens
On December 13, 2024, the blockchain-based transaction tracker Whale Alert posted on X (formerly Twitter) that 39.43 million XRP tokens worth $95.5 million were transferred from an unknown wallet to Coinbase.
This whale activity indicates a bearish signal, even as sentiment around XRP appears bullish. Additionally, it raises the question of whether this whale knows something about XRP that suggests its price is poised for a decline.
$55 Million of XRP Outflows
This transaction seems to refuse the on-chain metrics, which currently appear bullish. According to the on-chain analytics firm Coinglass, XRP’s spot inflow/outflow data reveals that exchanges are continuously witnessing significant outflows. This indicates a potential upside rally and further hints at ideal buying opportunities.
Based on the data, exchanges have witnessed a significant $55 million XRP outflow in the past 48 hours, suggesting strong interest and confidence from long-term holders.
XRP Technical Analysis and Upcoming Level
According to expert technical analysis, XRP has been trading in a pattern of lower highs and lower lows since the beginning of December 2024. However, it is currently consolidating near the lower high boundary. This price consolidation suggests that XRP’s bearish trend may soon come to an end, paving the way for a potential bull run.
Based on technical analysis, if XRP breaks out of the consolidation zone and closes a four-hour candle above the $2.50 level, there is a strong possibility it could rise by 15% to reach the $2.90 level in the coming days.
Conversely, if XRP breaks down from the consolidation zone and closes a four-hour candle below the $2.30 level, it could decline by 15% to reach the $2.00 level in the near future.
Current Price Momentum
Currently, XRP is trading near $2.42 and hasn’t experienced any price changes in the last 24 hours. During the same period, its trading volume dropped by 40%, indicating lower participation from traders and investors amid the recent sharp price decline.