Over 29.5 million XRP moves to Coinbase, sparking market buzz

26th January 2025 – (New York) A notable transfer of over 29 million XRP has captured the attention of the cryptocurrency community, with 29,532,534 XRP, valued at approximately $92.7 million, recently moved to Coinbase from an unidentified wallet. This significant movement was reported by Whale Alert, which highlighted the transaction in a tweet.

While such transfers are often indicative of intentions to sell, the circumstances surrounding this particular movement suggest alternative motivations may be at play. It is conceivable that the transfer aims to bolster liquidity on Coinbase, a common practice during periods of heightened trading activity or demand.

At the time of writing, XRP’s price had risen by 1.06% over the past 24 hours, reaching $3.13. The cryptocurrency has been trading within a range of $2.82 to $3.40 since January 16, and recent price consolidation hints at potential volatility ahead. Should XRP manage to sustain a breach above $3.40, it could target the $4 mark, while support is likely to hold at the daily SMA 50 around $2.55.

In addition to the transfer, the XRP Ledger has shown remarkable growth, particularly in the non-fungible token (NFT) sector, as outlined in Messari’s recent Q4 2024 report. Total NFT transactions soared by 460%, with notable increases in minting and burning activities. By the end of Q4, approximately 7.5 million NFTs had been minted using the XLS-20 standard, with over 3.4 million created in the final quarter of 2023 alone.

Despite the various interpretations of the XRP transfer, the true reasons behind it remain speculative.