Blockchain monitoring firm Whale Alert has just spotted a massive XRP transfer involving 29,532,534 XRP to Coinbase, a major U.S. crypto exchange, on May 12.
This large XRP transfer, worth $73,380,255, comes as the recent bull market appears to be rounding up, as the prices of major cryptocurrencies return to the red zone after recording massive gains in the previous days.
XRP stays bullish
Although XRP has defied this trend as it maintains a bullish trajectory, recording a price increase of 6.87% over the last day, the coin has slowed down on its rapid upsurge, sitting steadily at the $2.53 mark as of press time, according to data from CoinMarketCap.
With XRP sitting steady at $2.63 for more than six hours during the latter half of the day, its recent rapid ascent appears to have been stalled due to surging sell activities from short-term investors looking to take profits.
This is evident in the latest whale activity, which involved millions of XRP moved to a cryptocurrency trading platform. The data shows that the massive transfer was executed by an unknown wallet address in a single transaction, suggesting a possible sell-off attempt by an XRP whale.
Although the reason behind the massive transfer is uncertain, the XRP community has seen more such large transactions over the last week, suggesting increased trading activity among high-profile investors and institutional investors.
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While XRP has retained its bullish momentum despite the ongoing market corrections, the coin has surged massively by over 139% in trading volume, signaling unrelenting on-chain activities among its traders.
With XRP trailing positively despite the broad market downside pressure, there are speculations that the crypto has high chances of maintaining its price above $2 while targeting a $3 mark soon.
While XRP has shown signs of a long-term bullish outlook, more large sell-offs from whales could threaten its potential to record more gains or reach $3 soon.
XRP’s positive price trends have fueled increased confidence among investors, and many anticipate that the cryptocurrency will achieve a new ATH before the end of this bull cycle.