⚈ XRP maintains stable key levels above large transfers.
⚈ Merchants await the reaction to the deposit of SEC-RIPPLE regulations.
The XRP rally to the level of resistance of $ 2.50 could now be in danger after the dumping of more than $ 130 million token on the exchange of cornerbase cryptocurrency.
The first notable transfer occurred on May 3, when a portfolio moved 29.53 million XRP, worth around $ 64.4 million in Coinbase.
Six days later, on May 9, an identical transfer of 29.53 million XRP was recorded, estimated at $ 69.5 million due to the appreciation of token prices during this period, according to the channel data shared by Whale alert.
Combined, these transactions represent 59.06 million XRP, totaling approximately $ 133.9 million sent to the Stock Exchange, probably with the intention of selling.
Motivation for XRP on Coinbase
Although the exact reason behind transfers remains uncertain, large deposits to centralized exchanges from unknown wallets (as opposed to caretaker or cold storage) often suggest sales intentions by whales.
The timing is also notable, because XRP recently broke out of a consolidation phase. Profit opportunities at a time when a renewed bullish momentum can have triggered sales.
It should be noted that XRP had consolidated itself just above the $ 2 mark before taking a new movement in accordance with the broader feeling of the market.
May 10, Crypto Ali Martinez's exchanges analyst note In a post X that XRP had flashed a purchase signal, potentially marking the beginning of a bullish overthrow after weeks of lateral movement.
The signal appeared when the price of XRP broke out above the resistance zone of $ 2.35, possibly preparing the land for a renewed thrust towards the $ 2.50 bar.
At the same time, the chain fundamentals were mixed, but the price was relatively stable. For example, despite the ripple of 1 billion XRP at the beginning of the month, the token remained stable, the whales accumulating approximately $ 1.8 billion in XRP during the last month.
Above all, investors are taking care closely at a price reaction following the official deposit of the Securities and Exchange Commission of the United States (SEC) of a settlement agreement in the long-standing legal file against Ripple.
XRP price analysis
At the time of the press, XRP was negotiated at $ 2.40, up almost 0.5% in the last 24 hours and 9% on the weekly graph.
Until now, recent whale transactions have had a minimum impact on the short -term price measures of XRP, the overall feeling remaining bullish. The token is negotiated above the 50 days and 200 days simple mobile averages (SMA), currently about $ 1.90, a positive technical signal.
Meanwhile, the relative force index of 14 days (RSI) amounts to 62.97, which suggests that XRP approaches a territory on a platform. A volatility rate of 3.67% points to moderate price fluctuations.
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