Whale sends $73M XRP to Coinbase – Is a sell-off coming up soon?
The post Whale sends $73M XRP to Coinbase – Is a sell-off coming up soon? appeared on BitcoinEthereumNews.com. Key Takeaways Whale transfers and persistent spot outflows hinted at potential near-term sell pressure. In fact, long dominance and overbought RSI could lead to a pullback or consolidation on the charts. XRP saw a major transaction on 16 July as 25.5 million tokens, worth $73.6 million, were moved from an unknown wallet to Coinbase. This coincided with a daily net outflow of $9.69 million from spot markets, extending XRP’s persistent trend of exchange outflows. The scale of such activity could allude to either investor fear or profit-taking by large holders. Historically, similar whale transfers to exchanges have preceded short-term price dips. Therefore, the move raises concerns about whether additional sell-offs could materialize as XRP approaches a key resistance zone on the charts. Is XRP becoming overvalued as its NVT ratio spikes by nearly 40%? The Network Value to Transactions (NVT) ratio surged by 39.47% in 24 hours, hitting 127.95 – A level hinting at potential overvaluation. This metric compares market cap to transaction volume and is often viewed as a valuation gauge. When it spikes rapidly, it may imply that network usage is lagging behind price action. Therefore, the recent jump in NVT could signal speculative trading activity, rather than organic utility growth. Investors may need to monitor this trend closely. Especially as historically high NVT values often precede corrections or periods of consolidation. Source: CryptoQuant Are traders becoming overly optimistic as longs dominate on Binance? Data from Binance revealed that 80.86% of XRP traders seemed to be positioned in longs, resulting in a long/short ratio of 4.22. Such a sharp imbalance highlighted heightened bullish conviction among retail and possibly, institutional traders. However, this optimism may also carry risk, especially if the price momentum stalls. Overcrowded long trades can lead to sharp liquidations, amplifying downside pressure. While bullish dominance often fuels rallies,…
The post Whale sends $73M XRP to Coinbase – Is a sell-off coming up soon? appeared on BitcoinEthereumNews.com.
Key Takeaways Whale transfers and persistent spot outflows hinted at potential near-term sell pressure. In fact, long dominance and overbought RSI could lead to a pullback or consolidation on the charts. XRP saw a major transaction on 16 July as 25.5 million tokens, worth $73.6 million, were moved from an unknown wallet to Coinbase. This coincided with a daily net outflow of $9.69 million from spot markets, extending XRP’s persistent trend of exchange outflows. The scale of such activity could allude to either investor fear or profit-taking by large holders. Historically, similar whale transfers to exchanges have preceded short-term price dips. Therefore, the move raises concerns about whether additional sell-offs could materialize as XRP approaches a key resistance zone on the charts. Is XRP becoming overvalued as its NVT ratio spikes by nearly 40%? The Network Value to Transactions (NVT) ratio surged by 39.47% in 24 hours, hitting 127.95 – A level hinting at potential overvaluation. This metric compares market cap to transaction volume and is often viewed as a valuation gauge. When it spikes rapidly, it may imply that network usage is lagging behind price action. Therefore, the recent jump in NVT could signal speculative trading activity, rather than organic utility growth. Investors may need to monitor this trend closely. Especially as historically high NVT values often precede corrections or periods of consolidation. Source: CryptoQuant Are traders becoming overly optimistic as longs dominate on Binance? Data from Binance revealed that 80.86% of XRP traders seemed to be positioned in longs, resulting in a long/short ratio of 4.22. Such a sharp imbalance highlighted heightened bullish conviction among retail and possibly, institutional traders. However, this optimism may also carry risk, especially if the price momentum stalls. Overcrowded long trades can lead to sharp liquidations, amplifying downside pressure. While bullish dominance often fuels rallies,…
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