Are Institutions Utilizing Coinbase to Accumulate XRP in Cold Storage? Here’s the Update.
XRP Transfer to Coinbase: A significant transaction of 11.64 million XRP was sent to Coinbase, indicating increased institutional activity following the launch of new spot ETFs, as noted by industry analyst Chad Steingraber.
Role of Coinbase as Custodian: Coinbase serves as the primary custodian for asset managers, which means large XRP transfers into its wallets are likely for cold storage to back ETF shares rather than for immediate trading.
Impact of ETFs on XRP Circulation: The introduction of XRP ETFs has changed the dynamics of XRP custody and circulation, leading to a decrease in the amount of XRP available on exchanges as tokens are moved into long-term storage.
Trend of Institutional Accumulation: The pattern of large XRP movements suggests that institutions are accumulating and holding XRP for ETFs, rather than engaging in frequent trading, which is reflected in declining exchange balances.
Get Real-Time Alerts for Any Crypto Movement
Technical Analysis for X
Technical Sentiment Analysis for X Empire (X) As of , X Empire (X) is exhibiting a Strong sell technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 0 indicators are flashing buy, while 4 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for X stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, X is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
X Empire (X) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.00000595 | 0.00000891 | 0.0000115 | 0.0000145 | 0.000017 | 0.00002 | 0.0000226 |
| Fibonacci | 0.00000891 | 0.000011 | 0.0000123 | 0.0000145 | 0.0000166 | 0.0000179 | 0.00002 |
About X
About the author
