29.5 Million $XRP Moved to Coinbase: What’s Behind the Whale Activity?
Massive XRP Transfer Sparks Market Speculation
A staggering 29,532,534 XRP—worth over $73 million—was transferred to Coinbase on May 12, according to blockchain tracker Whale Alert. The transaction, executed in a single move from an unknown wallet, has stirred speculation of a possible whale sell-off as the broader crypto market begins to cool.
XRP Holds Strong Amid Market Pullback
While major cryptocurrencies have slipped back into the red after days of strong gains, XRP remains resilient, posting a 6.87% increase over the past 24 hours. At press time, XRP holds steady around $2.53, reflecting strong investor confidence even as short-term holders begin to lock in profits.
The coin traded in a tight range around $2.63 for over six hours, suggesting that its recent surge has been tempered by increased selling pressure—possibly triggered by the large whale movement.
Rising Trading Volume and Whale Interest
Despite the pause in upward momentum, XRP’s trading volume has surged over 139%, signaling robust on-chain activity. Multiple large transactions over the past week suggest heightened interest from institutional investors and high-net-worth individuals.
These movements hint at strategic repositioning rather than panic selling, as traders look to capitalize on XRP’s strength amidst market uncertainty.
What’s Next for XRP?
Market analysts speculate that if XRP maintains support above $2, it could set its sights on breaking the $3 barrier. However, further large-scale sell-offs from whales could dampen momentum and delay further gains.
Still, XRP’s steady performance and positive sentiment continue to fuel optimism, with many in the community expecting a new all-time high (ATH) before the current bull cycle ends.
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