A significant internal transfer of XRP valued at around $68.7 million on Coinbase has attracted the attention of traders and analysts.
Analysis of Coinbase Transaction
According to Whale Alert, 29,532,534 XRP tokens were transferred internally within Coinbase's wallets. The data confirms that this is an internal adjustment, not a cash-out to external accounts. Over the past two weeks, several large transfers have been logged on the platform, indicating a strategic asset reallocation rather than sell pressure.
Strengthening XRP's Market Position
The transfer occurs as XRP is gaining credibility in the financial sector. The launch of XRP-based ETFs and the approval of trading futures by CME Group are boosting institutional interest in the asset. The conclusion of Ripple's litigation with the SEC has also set the stage for confident growth.
Potential for XRP's Growth
XRP is displaying strong market behavior, unlike other cryptocurrencies. Analysts estimate that the asset could reach $3 if the current positive momentum continues. If CME starts futures trading, it will likely further stimulate price growth due to increased volumes from institutional players.
Coinbase's internal XRP transfer worth $68.7 million has reignited speculation in the market. With XRP's strengthening position among institutional investors, significant changes may be on the horizon.
