The combined crypto market cap dropped by 7.355 in the past 24 hours to $3.13 trillion, with Bitcoin (BTC), Ethereum (ETH) and XRP in the spotlight. With XRP down by over 17.7% in 24 hours, there are lingering signs of a sell-off by the coin’s holders. Thus far, XRP holders have suffered over $2.2 billion amid a deep sell-off.
XRP transfer to Coinbase, Possible reasons
According to data insights from Whale Alert, an anonymous whale transferred 25,532,534 XRP to Coinbase exchange. This sum, worth $68,360,671, has triggered further sell-off concerns in the community. While the transfer might be for different reasons, its historic trend implies a possible offloading.
🚨 🚨 🚨 29,532,534 #XRP (68,360,671 USD) transferred from unknown wallet to #Coinbasehttps://t.co/QGv4JfkntV
— Whale Alert (@whale_alert) February 3, 2025
The XRP price remains one of the most profitable altcoins of the past year. Currently changing hands for $2.38, the coin reached a seven-year high of $3.388 amid a 90-day rally of 368%.
This growth incentivizes long-term XRP holders to take profits from their coins. Based on the insight from Whale Alert, this anonymous whale is no stranger to Coinbase, as a series of inflows has been recorded.
This wallet has been active since March 2021, further proof that the whale has enough experience navigating the market. Should the latest transfer to Coinbase imply a sell-off, it may not impact the overall market. However, it can dampen some traders’ sentiment amid a patient wait for a rebound.
XRP being watched
By key metrics, XRP is better off than some of its altcoin pairs. Despite the 428% surge in Cardano (ADA) trading volume, XRP remains the second most capitalized altcoin.
Its rebound may now be benchmarked alongside other altcoins, especially those in the top 10. Shifts from XRP whales remain crucial, as this can dilute or shrink the circulating supply.
XRP has escaped the recent backlash, alongside fear, uncertainty and doubt (FUD) amid the push for a national digital asset stockpile in the U.S. Despite the market facing a collective need to recuperate from the latest sell-off, XRP remains under crucial watch from analysts.
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