XRP News Today: XRP Drops 0.34% After 20.4 Million Token Transfer to Coinbase

A significant transfer of 20.4 million XRP tokens, valued at approximately $70.19 million, was made to Coinbase on Friday, as reported by blockchain monitoring service Whale Alert. This substantial movement coincided with a decline in the token’s price and a notable decrease in trading volume, sparking concerns about a potential sell-off.

Following the transfer, XRP’s price dipped below the $3.40 mark, experiencing a 0.34% loss for the day. The digital asset also saw a sharp decline in trading volume, dropping over 63% to $7.11 billion. Despite these fluctuations, XRP’s market capitalization remained robust at $201.45 billion.

Throughout the day, XRP’s price fluctuated between $3.47 and $3.37, attempting a minor recovery but facing resistance near $3.42. Despite the volatility, the coin continued to trade within a narrow range, showing no significant breakout indicators.

Derivatives data from Coinalyze indicated a slight dip in XRP open interest, which fell by 0.63% to $4.3 billion. Perpetual contracts declined by 0.64%, while futures contracts rose by over 5%. This suggests that while some leveraged positions were closed, other traders increased their exposure, possibly anticipating upcoming volatility.

Bybit and Binance led in open interest volume, with Binance showing the highest dollar value. This indicates elevated speculative activity, even as overall sentiment remained cautiously optimistic.

Coinalyze data revealed that over 71% of traders held long positions across all timeframes. The daily long/short ratio stood at 2.51, increasing to 2.64 on shorter timeframes like five-minute and one-hour intervals. This suggests that long bets continue to outpace shorts by more than double, reinforcing the market’s bullish lean.

Crypto analyst Solberg Invest shared a chart indicating XRP retesting its previous highs and staying above the key $3.4 level. If the trend holds, the analyst noted a potential rise to $4.5, reflecting a possible 61% gain from current levels. Broader sentiment and futures positioning continue to favor the upside, despite immediate concerns around whale movement.