The popular account Whale Alert on X identified a notable transfer of XRP tokens to Coinbase during the weekend that could signal an impending crash for the native asset of the Ripple network in the near term.
🚨 🚨 🚨 🚨 30,171,667 #XRP (76,341,868 USD) transferred from unknown wallet to #Coinbasehttps://t.co/K86Ql4cAjQ
— Whale Alert (@whale_alert) January 12, 2025
According to the update, a total of 30.17 million XRP tokens worth $76.3 million at the time were sent to this crypto exchange from wallet rcmQ7vBi5hq9qfv7R1rvxF4M43oUw9mFT.
After the transfer, the wallet was left with only 10 XRP.
Typically, these transactions are performed by deep-pocketed investors looking to dispose of their assets rapidly.
However, analysts also note that this is not necessarily bearish as the investor may be positioning to capitalize on an upcoming price increase.
It could also be used as collateral to take a long position, showing bullish sentiment.
XRP Breaks Above Descending Triangle – Where is it Headed Next?
The price of XRP has dropped by 3.7% in the past 24 hours as the entire crypto market continues to perform negatively.
The transfer in question seems like an isolated event and not necessarily part of a worrying trend as data from CryptoQuant indicates that exchange reserves on another large exchange – Binance – have been steadily dropping since November 11.
According to the crypto analytics firm, the total balance of XRP tokens held in Binance has shrunk from 3.25 billion, or around 5.7% of the circulating supply, to 2.9 billion resulting in an 11% in roughly 2 months.
According to data from CoinMarketCap, XRP has dropped 3.2% in the past 30 days.
However, the past few days have been interesting from a technical standpoint, as the token broke above the upper bound of the descending triangle shown in the chart above.
This higher high typically indicates that buyers’ interest in XRP is still strong. In addition, the breakout was accompanied by above-average volumes, which affirms its importance.
That said, the price action remains choppy and technical indicators have been sending conflicting signals every other day. In the case of the Relative Strength Index (RSI), the oscillator has been moving above and below the signal line on multiple occasions in the past 15 days or so.
Similarly, the MACD has sent two buy signals and one sell signal in the past ten days. These erratic movements suggest that traders should approach the market cautiously at this point as traders are struggling to agree on what direction the price of XRP should take in the near term.
Large token transfers to exchanges are typically bearish, especially if multiple transactions like these are spotted within a short period.
For now, XRP is finding support at the $2.3 level. However, the most relevant horizontal support to watch moving forward is $1.95 as a decline below this threshold could precede a crash.
Time to Buy New Altcoins? Wall Street Pepe Presale Raises $47M and Lines Up for Tier-1 Exchange Listing
The Wall Street Pepe ($WEPE) presale event continues to draw significant interest from investors despite the latest shift in the market’s sentiment toward meme coins.
In the past 30 days, the combined value of this segment of the market has dropped from $120 billion to $90 billion.
In contrast, hundreds of thousands of dollars have flowed to Wall Street Pepe during this period as the upside potential offered by this token if it is ultimately listed in a tier-1 exchange is huge.
The $WEPE army will benefit not just from an increase in the price of the token but also on the exclusive trading tips and investment ideas shared by the group of seasoned traders who are backing the project.
The combination of robust listing prospects and attractive community-building efforts have made this project one of the most successful presale events of 2025.
With less than 48 hours left for the next price increase, investors should not waste a second on the sidelines as the developing team could move forward with the next stage of the project shortly.
Head to the Wall Street Pepe website to buy $WEPE. Connect your wallet and swap ETH or USDT or use a bank card to complete your purchase.