29.5 Million XRP Moves to Coinbase: What’s Driving the Action?

A large transfer of 29,532,534 XRP, worth around $92.7 million, has caught the attention of the cryptocurrency community.

The transfer was made from an unknown wallet to Coinbase, as reported by Whale Alert on Twitter.

Usually, such large transfers suggest that the owner might be planning to sell. However, some believe this move could be aimed at increasing liquidity on Coinbase, especially when trading activity is high.

At the time of the transfer, XRP’s price rose by 1.06%, reaching $3.13. The cryptocurrency has been trading between $2.82 and $3.40 since January 16.

If XRP breaks above $3.40, it could reach $4. The support level is expected to hold at $2.55.

In addition to the transfer, the XRP Ledger has seen strong growth, especially in the non-fungible token (NFT) sector.

According to Messari’s Q4 2024 report, NFT transactions on XRP increased by 460%. By the end of Q4, 7.5 million NFTs had been minted using the XLS-20 standard, with over 3.4 million minted in the last quarter of 2023.

The reasons behind the large XRP transfer are still unclear, leaving the community to speculate about its purpose.