Is there a coming sell-off?

XRP whale transfers $70 million to Coinbase, is a sell-off coming?
A transfer of 70.19 million USD worth of XRP was made from the token to Coinbase, raising increasing concerns about a widespread sell-off. This coincided with a price drop, a decrease in trading volume, and mixed activity in derivatives trading.

The transfer of the XRP whale coincided with the price, but bullish sentiment remains.
Whale Alert reported the transfer of $70.19 million worth of XRP to a leading cryptocurrency exchange, and it was published on X. Many see the transfer of tokens to exchanges as preparation for massive sell-offs.

According to CoinMarketCap data, the price of XRP has dropped to $3.40 after this move, a decrease of 0.34% during the day. The trading volume has decreased by over 63% to $7.11 billion, indicating a decline in trading interest despite whale movements. The market capitalization of the coin is now $201.45 billion.

The price of XRP recorded its highest level during the day at $3.47 before dropping below $3.37. The recovery attempt stalled below $3.42, as a new resistance level appears to be forming. Despite the performance of the XRP whale, the trading range remains tight, with no breakout signals so far.