đš30 Million XRP Shifted to Coinbase â Whatâs Behind the Moveââ
A significant XRP transaction has stirred speculation in the crypto world, as 29,532,534 XRPâworth around $68.7 millionâwas transferred from an unidentified wallet to Coinbase on April 28, according to Whale Alert.
Such large transfers often raise concerns of potential sell-offs, especially when the destination is a major exchange. Heavy selling by whales can trigger price volatility and short-term declines.
Crypto insights firm Alva noted rising anxiety in the community, with opinions divided. Some investors anticipate a sharp drop, while others remain optimistic due to continued ETF enthusiasm and Rippleâs legal momentum. Alva added that although increased volatility is likely if selling starts, strong institutional interest and positive sentiment linked to ETF inflows might offset the impact.
This transfer comes just before the rumored April 30 launch of three XRP futures ETFs by ProShares. These instruments would allow traders to track XRP price movements, both up and down, with leveraged options.
Growing expectations for the approval of a spot XRP ETF in the U.S., along with momentum from the Brazilian market, are bolstering investor confidence.
However, the market remains cautious. XRPâs daily trading volume dipped by 5.93%, even though the token is trading at $2.28âup 0.11% over the past 24 hours. XRPâs market cap stands above $133.27 billion, with a circulating supply of 58.44 billion tokens.