XRP Price Faces Pressure as Whale Transfers $117M to Coinbase

XRP price has seen increased volatility, recently dropping to test the key $2.15 support level. Adding to the downward pressure, a whale transferred over 53 million XRP—worth approximately $117.8 million—to Coinbase in two identical transactions, according to Whale Alert. The move raises concerns of a potential sell-off that could flood the market with additional supply and push prices lower.

This large-scale transfer from an unknown wallet to a major exchange has triggered bearish sentiment. Historically, such whale activity is closely monitored, as it often signals future market direction. If retail traders interpret this as a pre-sell maneuver, it could incite panic selling, especially among newer investors, driving XRP below the psychological $2 mark.

While this activity raises red flags, it's also possible the transactions were part of an internal portfolio reshuffle. In such a case, the threat of immediate selling pressure might be overstated. Nonetheless, investor sentiment has weakened. Trading volume dropped by 15.99% in the past 24 hours, down to $2.01 billion, indicating reduced appetite for XRP exposure.

At press time, XRP is trading at $2.20, down 1.70% in the past day. The coin continues to struggle against key resistance levels, failing to break above the 50- and 100-day exponential moving averages (EMAs). Until a clear move above these trendlines occurs, XRP is likely to remain under pressure.

Investors should closely monitor whale movements and technical indicators, as both play a critical role in shaping short-term market dynamics for XRP.