CryptoQuant Research Director: XRP whales are accelerating the transfer of tokens to CEX, and the price may face short-term pressure

ChainCatcher news, according to CryptoQuant's research director Julio Moreno, as large XRP holders accelerate the transfer of assets to trading platforms, the price of the token may face short-term pressure. "The sudden influx of whale funds into trading platforms may signal a price turning point, as these large holders may start to sell," Moreno stated.

CryptoQuant data shows that as of Thursday, the 30-day moving average of XRP whales transferring to trading platforms has increased from 141 million tokens in early July to 260 million tokens.

Whale activity significantly impacts market sentiment. Moreno added that XRP's price dropped in July after a surge in whale fund inflows. Notably, on July 18, the day it reached an all-time high, XRP whales transferred 660 million tokens to trading platforms, and the price subsequently fell back to $3 in the following week.