The cryptocurrency market is drawing attention once again. On June 19th, it was discovered that approximately 26.67 million XRP (about 80.7 billion won) was massively transferred from an unidentified wallet to Coinbase, one of the largest cryptocurrency exchanges in the United States. This large-scale transfer was first confirmed through the blockchain data tracking platform Whale Alert.
This transaction has caused significant ripples not only within the XRP community but also among investors. Recently, XRP has been in the spotlight due to its legal dispute with the US Securities and Exchange Commission (SEC) and the potential launch of an XRP ETF in North America. The massive inflow of assets to the exchange is interpreted as a signal raising concerns about the possibility of large-scale selling.
Particularly, the cryptocurrency market is currently showing an overall weak trend, and such a large-scale transfer is acting as an anxiety factor in that it could apply additional downward pressure on the market. The XRP transferred from an unidentified whale address in a single transaction is generally considered a market selling preparation signal, and XRP indeed failed to avoid a weak trend.
According to market data, at the time of reporting, XRP was trading at around $2.16 (approximately 3,002 won), with trading volume decreasing by more than 36% compared to the previous day, suggesting a gradual weakening of demand. These figures indicate that both retail and institutional investors are moving cautiously.
Moreover, the XRP price dropped by 0.36%, continuing its downward trend. While the decline was modest compared to the larger drop recorded the previous day, experts are raising concerns that additional decline may be inevitable if continuous selling signals are confirmed.
Attention is focused on whether the market will find a rebound platform depending on the direction of the assets flowing into Coinbase, or if it will lead to a larger decline. This transaction may have meaning beyond a simple transfer, and it is a time that requires a cautious approach for XRP holders.
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