XRP Price Rises 4% as Whale Transfers $69 Million to Coinbase
On-chain data indicates that an XRP whale transferred a significant amount of the asset to Coinbase after a 4% price increase on Christmas Day.
XRP Price Increase
XRP experienced a price rise of over 4%, reaching $2.31, coinciding with a broader recovery in the cryptocurrency market.
Profit-taking among investors is common during price surges, and it appears a whale may have engaged in such activity.
Large Transfer Detected
Data from Whale Alert shows a large transaction on the XRP blockchain, involving the transfer of 30,171,667 tokens valued at over $69.2 million at the time of the move. This substantial transaction suggests involvement by a whale entity.
Whales, who hold significant amounts of cryptocurrency, can influence market sentiment. Their transactions are noteworthy, although the anonymous nature of blockchain often obscures their intentions. However, this particular transfer involved a wallet linked to a centralized exchange.
The receiving address was associated with Coinbase, while the sending address was likely the whale's personal wallet. Transfers from self-custody to exchanges, termed exchange inflows, typically suggest selling intentions, which could indicate bearish implications for the asset's price.
It remains unclear if the whale intended to realize profits or utilize other services offered by Coinbase.