Recent large XRP transactions are sparking interest in the cryptocurrency market. One such transaction involved a transfer of $60 million worth of the cryptocurrency to Coinbase, leading to discussions about potential impacts on prices.
Transfer of $60 Million to Coinbase
Recently, a movement of 25.49 million XRP valued at approximately $60 million to Coinbase was reported. This transaction has raised speculation about possible sell-side activity. Despite a 22.2% drop in daily trading volume, XRP's price increased by 4.4% in the past 24 hours, rising from $2.26 to $2.40, pushing its market capitalization to 141.3 billion.
Secret Movements of Nearly $500 Million
The XRP network also recorded a transfer of nearly $500 million as 214,148,716 XRP were moved from a long-term wallet to a newly activated address that had no prior transaction history. Analysts suggest that this operation could have been related to an internal restructuring of Uphold, a well-known centralized wallet for XRP. The transfer did not affect liquidity and did not disrupt the market.
Optimistic Technical Analysis of XRP
Analyst Ali Martinez identified an inverse head-and-shoulders pattern on the 4-hour XRP chart, with the neckline placed between $2.31 and $2.33. Market indicators are expected to remain positive, with potential levels of $2.4560, $2.5259, and $2.6299.
In conclusion, the massive XRP transactions reflect a combination of market activity and internal strategies. This highlights the importance of both institutional strategies and technical signals in shaping XRP's future.
