XRP Triggers Shockwaves on Coinbase with $70M Transfer

XRP has once again captured the spotlight after a massive transaction sent ripples through Coinbase. The popular cryptocurrency, known for its use in blockchain-based payment solutions, recently saw a staggering transfer of over $70 million worth of XRP executed within minutes, surprising the market and rekindling discussions about its ongoing bull run and rising market confidence.

The unexpected movement involved 25.49 million XRP, valued at approximately $70.22 million. According to Whale Alert, the tokens were transferred from an unidentified wallet into Coinbase’s infrastructure, raising questions about the intent behind the massive transfer. Was it a precursor to a sell-off, or simply a strategic reshuffling of assets?

This massive on-chain event occurred amid an already bullish sentiment surrounding XRP. Over the past five days, the token has been in the green, and it looks set to post a sixth consecutive gain. As of the latest figures, XRP is trading at $2.82, up 1.11% in 24 hours and just shy of its recent four-month high of $2.97, reached on July 11.

The growth in market value coincides with increasing activity on the network. XRP saw a notable surge in adoption metrics, including the creation of 6,939 new addresses in a single day. Additionally, mentions of the cryptocurrency across social platforms have spiked, signaling growing retail investor enthusiasm.

This transfer isn’t occurring in a vacuum. Just a day earlier, an equally eyebrow-raising movement of 33 million XRP — worth over $90 million — was recorded from the South Korean exchange Upbit to another unknown wallet. That transfer further cemented the perception of renewed interest and heightened whale involvement in XRP.

While the exact motivation for the deposit into Coinbase remains unclear, the combination of price momentum and large exchange-bound transfers suggests significant developments are underway. Some speculate it could be a prelude to profit-taking. Others think it may simply reflect internal wallet reorganizations or preparations for institutional trading strategies.

On the technical side, many analysts believe that XRP is gearing up for a more substantial breakout. Veteran trader Peter Brandt pointed out that XRP is forming a rare chart pattern known as a “compound fulcrum” on its USD monthly and weekly charts — a configuration that traditionally suggests a strong upward movement. If the token closes decisively above the $2.97 resistance, it could set the stage for a rally targeting $4.40, Brandt suggests.

In terms of support, XRP maintains vital levels around its 50-day and 200-day moving averages, which are positioned at $2.23 and $2.36 respectively. Should any short-term weakness emerge, these indicators may cushion potential declines, particularly ahead of the psychologically important $2 mark.

Related: XRP Price: $12M Max Pain for Bears

For now, all eyes remain on XRP and its next move. With momentum building and technical indicators aligning, XRP continues to affirm its place as one of the most closely watched cryptocurrencies in today’s market landscape.