The post Ripple News: XRP Whales Transfer $53M to Coinbase Amid Bullish Price Setup appeared first on Coinpedia Fintech News
A huge XRP transaction has caught the crypto community’s attention, raising questions about its purpose. According to Whale Alert, $53 million worth of XRP was suddenly moved to Coinbase from an unknown wallet.
However, this move raises the question of whether the whale is preparing to sell this large chunk of XRP or if there’s another motive behind it.
$53M Worth of XRP Tokens Moved
According to blockchain tracker Whale Alert, a staggering 16.69 million XRP, worth around $53.16 million, was moved from an unknown wallet straight to Coinbase.
Whale alert data confirmed that the transaction wasn’t from an external wallet at all. Instead, the tokens were moved between two of Coinbase’s cold storage wallets, one tagged as “197” and the other as “Cold Wallet 6.” Although both these wallets typically hold around 16.5 million XRP each.
While the reason for this transfer is unclear, whale activity of this size can sometimes signal short-term volatility. If the tokens are sold, it could add selling pressure on XRP’s price.
Whale Move Sparks Speculation
Coinbase reportedly operates around 27 similar high-balance wallets for XRP, meaning the $53 million transfer represents just a small portion of the exchange’s total holdings.
Meanwhile, such large transactions are often seen as signals of possible market shifts, especially when they involve centralized exchanges like Coinbase, where tokens can be quickly sold.
XRP Forming Bullish Pattern
Despite the size of the transfer, XRP’s price barely moved, currently trading around $3.20, reflecting a rise of 1%. However, Open interest in XRP derivatives has also climbed 15% to $5.90 billion, showing aggressive positioning from large market participants who appear bullish on XRP’s prospects.
Looking at the XRP price chart, it is forming a potential V-shape price chart, a good sign for the next leg. Meanwhile, the Key resistance sits at $3.30; a breakout above that could send XRP toward $3.50 or even $3.70.
If the level holds, sideways trading is likely to continue.