On-chain data shows an XRP whale has made a huge flow to the Coinbase exchange, a sign that can be bearish for the asset price.
An XRP Whale has made a huge transaction on the previous day
According to data from the CryptoCurrency Tracker Service Whale alertA large movement took place in the XRP network in the last 24 hours.
The step in question was involved in moving 29,532,534 cryptocurrency tokens, worth more than $ 68.7 million by the time the move went through the blockchain. Due to the large size involved in the transaction, it is likely that a whale entity is responsible for it.
Whales are the investors of the sector's big money, which can bring some degree of influence to the market. Like this, their movements can be worth watching.
Most of their transactions, though, do not contain any interesting, because cryptocurrencies are by nature anonymous. Sometimes, however, an address determined may be involved in the move. In these cases, there may be space to think about the backbone of the move.
The current XRP whale transfer is the same. Here are the addresses involved in the transaction:
Looks like this massive move only needed a network fee of 0.00001 XRP | Source: Whale Alert
As seen above, sending the address for this XRP transaction is an unknown purse, which means it is unnoticed on any well -known centralized platform. In other words, the investor is probably personal.
Acceptance of the address, on the other hand, is connected to a well -known creature: the cryptocurrency exchange Coinbase. So, it seems that with this move, the whale has moved coins from their self-customial address to an exchange.
The motions of this type are called exchange inflows. Often, holders send their coins to keep central creatures that they want to use one of the services they provide, which may include sale. As such, exchange inflows can prove to be bearish for the price of property.
It is difficult to say if the whale wants to sell with a move, but considering that it came after the XRP satisfied with the bullish momentum last week, it is possible that earnings can be a likely motive.
In some more news, the XRP could break into an opposite head-and-shoulders pattern, as analyst Ali Martinez pointed out in an X post.
The pattern recently forming in the cryptocurrency | Source: @ali_charts on X
An opposite head-and-shoulders is a pattern that, as its name suggests, is an inverted version of the standard head-and-shoulders. From the chart, it is clear that after the formation of the right shoulder, the XRP seems to have found a flowing above the neckline, which can be a sign of a bullish breakout.
XRP price
The XRP briefly went as high as $ 2.36 the previous day, but it appears that the coin has suffered a pullback ever since it returned to $ 2.27.
The trend in the coin's price over the last five days | Source: XRPUSDT on TradingView
Featured image from Dall-E, Whale-Alert.io, charts from TradingView.com
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