XRP News Today: XRP Whales Move $133.9M to Coinbase Amid Bullish Momentum

Over the past week, a significant amount of XRP, totaling over $130 million, was transferred to the Coinbase cryptocurrency exchange. This large-scale movement of tokens has raised concerns among traders and analysts about potential selling pressure and its impact on the token's price.

The first substantial transfer occurred on May 3, when a wallet moved 29.53 million XRP, valued at approximately $64.4 million, to Coinbase. Just six days later, on May 9, another identical transfer of 29.53 million XRP was recorded, this time valued at $69.5 million due to the token’s price appreciation during that period. These transactions combined represent 59.06 million XRP, totaling approximately $133.9 million sent to the exchange, presumably with the intent to sell.

The motive behind these transfers remains unclear, but large deposits to centralized exchanges from unknown wallets often suggest selling intentions by whales. The timing of these transfers is also notable, as XRP recently broke out of a consolidation phase, potentially triggering profit-taking opportunities amid renewed bullish momentum. XRP had been consolidating just above the $2 mark before gaining fresh momentum in line with broader market sentiment.

On May 10, a crypto trading analyst noted that XRP had flashed a buy signal, potentially marking the start of a bullish reversal after weeks of sideways movement. The signal appeared as XRP’s price broke above the $2.35 resistance zone, possibly setting the stage for a renewed push toward the $2.50 mark. Despite these positive signals, on-chain fundamentals have been mixed, but the price has held relatively steady. For example, despite Ripple unlocking 1 billion XRP early this month, the token remained stable, with whales accumulating roughly $1.8 billion of XRP over the past month.

Investors are closely watching for a price reaction following the U.S. Securities and Exchange Commission’s official filing of a settlement agreement in the long-standing legal case against Ripple. At press time, XRP was trading at $2.40, up nearly 0.5% over the past 24 hours and 9% on the weekly chart. So far, the recent whale transactions have had minimal impact on XRP’s short-term price action, with overall sentiment remaining bullish. The token is trading above the 50-day and 200-day simple moving averages, currently around $1.90, a positive technical signal. Meanwhile, the 14-day Relative Strength Index stands at 62.97, suggesting XRP is approaching overbought territory. A volatility rate of 3.67% points to moderate price fluctuations.

In summary, the recent large-scale transfers of XRP to Coinbase have raised concerns about potential selling pressure and its impact on the token's price. However, despite these transfers, XRP has held steady above key levels, and overall sentiment remains bullish. Investors are now awaiting the reaction to the SEC-Ripple settlement filing, which could provide further clarity on the token's future price movements.