XRP Whales Transfer $108 Million to Coinbase Amid Price Rally and Potential Bullish Patterns
Main Idea
XRP's recent price rally is driven by significant whale activity, including a $108 million transfer to Coinbase, raising sell-off concerns but also indicating a potential bullish target of $3.80.
Key Points
1. Whales transferred 33.396 million XRP tokens worth $108 million to Coinbase, increasing exchange reserves and suggesting potential sell-off pressure.
2. XRP's price surged by 20%, with technical analysis pointing to a bullish target of $3.80 following a breakout from a flag and pole pattern.
3. Exchange reserves climbed as more XRP was moved to centralized platforms, which could indicate bearish sentiment despite the price rally.
4. Key liquidation levels for XRP are at $3.134, with $170.01 million in longs versus $24.85 million in shorts, highlighting trader battlegrounds.
5. The Relative Strength Index (RSI) reading of 59 suggests there is still room for XRP bulls to push the price higher.
Description
XRP’s recent price rally has seen whales transferring $108 million to Coinbase, raising concerns about potential sell-offs. Despite this, bullish patterns suggest a target of $3.80. Whales moved 33.396 million
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