On June 30, blockchain monitoring firm Whale Alert spotted another major XRP transfer into a renowned U.S.-based crypto exchange, according to a recent X post.
The transaction involves a large amount of XRP worth millions of dollars.
25,498,179 XRP moved at once
According to the data provider, a massive 25,498,179 XRP worth a total of $56,101,045 has been sent to Coinbase as XRP remains in the spotlight following notable developments over the past few days.
While the move has triggered reactions among market watchers, the data source revealed that the massive XRP transfer was executed by an unknown wallet address in a single transaction, suggesting a possible sell-off attempt.
XRP, the third-largest cryptocurrency by market capitalization, has recently become the buzz of the crypto ecosystem following Ripple’s recent decision to drop its prolonged cross-appeal in a legal battle with the SEC.
Moreover, XRP has become the center of attraction for most investors as expectations regarding the highly anticipated spot XRP ETF launch continue to grow.
While the market has remained uncertain about what’s to come for the XRP community, this massive sell-off attempt by an unknown whale has stirred mixed reactions as commentators suggest it could be a preparation for something big.
Usually, sell-off attempts have been known to negatively impact the market value of the concerned cryptocurrency. However, the market has experienced an unusual twist in this case.
Shortly after the big transaction was executed, the market responded with a sharp increase in the price of the token, as XRP saw its price surge significantly from $2.20 to $2.29 in less than an hour. This notable surge marks a 4.68% increase in XRP’s price over the last day.
Although large transfers to crypto exchanges are often associated with the intent to sell, this specific transfer has the XRP community extremely curious about the actual motive behind the move, as the transfer was followed by an upward trajectory in the price of the token.
Nonetheless, investors are optimistic about a continued push for XRP’s price amid growing momentum.
