As whales linked to XRP continue to increase, the latest move in such a move has seen millions of XRP tokens deposited on Coinbase at once, according to recent data shared by on-chain monitoring company Whale Alert.
Whale throws away millions of XRP
According to the data, a massive XRP transfer, which includes a total of 25,526,865 XRP by a single whale, sparked a response as the market saw a sudden change in investor sentiment after a large price rally that lasted several days.
The transfer was tracked by an unknown sender with wallet address “RJQC2R”, but the mysterious nature of the transfer, over $73 million, sparked more concern among investors worried about the impact of the move on XRP’s market value.
The timing of the relocation remains sensitive to the crypto community as XRP is seen returning to the red zone after a massive bull run that regains four months of heights. Holders are worried that the whale-tug movement could be closely signaling at recent XRP price rallys.
The exact reason behind the massive XRP relocation has not been revealed, but speculation suggests that large token deposits for major cryptocurrency exchanges, such as Coinbase, which coincides with extensive market corrections, have decided that the whales have responded to the pressures of widespread market sales or have made a profit.
Will the XRP Bull run?
Following the recent price rallies in which XRP rebounded above the major $3, investors’ interest in the token’s future potential has skyrocketed significantly, with market analysts continuing to share bullish price forecasts for the token.
Nevertheless, the pace at which XRP was trading has slowed significantly, with tokens indicating a 0.4% drop in price on the last day.
According to data provided by CoinmarketCap, XRP is trading at $2.93 as of press time.
Despite the continued slump in XRP prices, investors are optimistic that the possibility of the SEC appeal and withdrawal of institutional support via the looming XRP ETF debut will soon return the tokens to the bull band.