Polymarket gives US stablecoin bill 89% chance of becoming law

The Bitcoin price and the crypto market remain under pressure as the sector enters a low volatility period. While a lot of traders were expecting a big move yesterday, following the US Federal Reserve (Fed) decision on rate cuts, the cryptocurrency held its current levels.

Despite the relative resilience in the top crypto and other cryptocurrencies, the Bitcoin price is showing signs of potential downside. At the time of writing, BTC trades at around $105,000 with a 2.3% decline over the past seven days.

Blockchain monitoring firm Whale Alert has identified a massive transfer of 26,671,734 XRP ($58,002,329) into leading U.S.-based crypto exchange Coinbase on June 19.

XRP has remained in the spotlight in recent days due to its ongoing legal battle with the SEC and the recent launch of an XRP ETF in North America.

As such, the large XRP transfer today has sparked debates. Significant crypto transfers to exchanges like Coinbase are often seen as a sign that a whale may be preparing to sell off assets.

XRP whale activity sparks concerns

The massive XRP transfer comes after a period of high volatility in the broader crypto market, with prices of leading cryptocurrencies dropping to unexpected lows.

Although the market has begun to show slight signs of recovery, the large transfer has raised concerns among investors. Given the market's current fragile state, both retail and institutional players are closely watching on-chain movements.

According to Whale Alert, the massive XRP transfer was executed by an unknown wallet address in a single transaction, suggesting a possible sell-off attempt.

Notably, the multi-million-dollar XRP transfer, which occurred during the late hours of the day, has stirred concern within the XRP community, especially since the motive behind the move remains unclear.

Following the transfer, XRP has continued to show signs of weakness, with both whales and retail holders potentially offloading their tokens. Over the past 24 hours, CoinMarketCap data indicates that XRP experienced a 0.36% price drop, following heavier losses seen the previous day.

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As of press time, XRP is trading at $2.16, with a notable 36.57% decrease in its overall trading volume from the day before.

While the move aligns with the broader downtrend in the crypto market, investors are left wondering whether this transfer will lead to a sharper price decline or set the stage for a possible rebound.

The latest Coinglass data indicates that the market is moving in a different direction, and XRP traders are more positive about its price movement.

At the time of writing, the long position was 55.06% of total trades and the short position was 44.94%, while the long/short ratio is currently 1.2252.

A sign of increased confidence

The increase in longs indicates greater optimism among traders that XRP will increase in price. A long/short ratio of more than 1 is usually an indication of bullish prospects.

It suggests that market participants are willing to hold onto XRP in anticipation of gains rather than betting on a decline. The chart shows a sharp uptick in this ratio, confirming growing optimism.

Over the past few days, this ratio has fluctuated near the neutral zone, mostly balanced between buyers and sellers. But the recent changes show that traders are no longer undecided. Instead, they are leaning toward a breakout or upward momentum in XRP’s price.

A higher long/short ratio doesn’t guarantee a price rise, but it reflects market confidence. When confidence builds, momentum often follows. That can trigger stronger buying interest and create opportunities for entry before a potential move.

Bullish sentiment builds ahead of potential XRP price breakout

Traders could also benefit from this kind of setup. A market with more longs and fewer shorts can sometimes push prices higher during quick rallies. It is important to pay attention to price movement, particularly when other bullish indicators align in the same direction.

XRP has not yet made a significant price move, but sentiment is shifting and that is often a sign that price is about to change.

CoinMarketCap shows the current price of XRP to be $2.17, with a 1.73% increase in the last 24 hours. XRP traded at around $2.15–$2.18 in the price chart during this period, showing a consolidation phase.

Its trading volume, however, has declined by 26.47% to $2.11 billion. This indicates that investor confidence is still present, but short-term trading has slowed.

Meanwhile, Purpose Investment has announced that it will not request any management fee for its new product (the spot XRP ETF).

Earlier, the tightening of the Bollinger Bands for this cryptocurrency on the daily timeframe hinted that an XRP rebound may be happening soon.

BingX listing for TAGGER may give a chance for big price action. New exchange access often brings new buyers and more attention. TAG concerns both content and AI, which could be a strong trend now. If traders from BingX are interested, price may go up. But sometimes listings cause a fast jump and then a fast drop, as early holders might sell their tokens right away. Check if BingX brings new investors or just short-term trading. Longer price growth needs real demand, not just hype from the listing. source