A significant transfer of 29.5 million XRP to Coinbase has garnered attention, amidst rising whale activity. The current price of XRP is stable, fluctuating between $2.17 and $2.26. Investors are awaiting macroeconomic cues from the Federal Reserve and an important SEC decision regarding an ETF.
Fast Summary
A substantial transfer of 29.5 million XRP, valued at nearly $64.4 million, from an anonymous wallet to Coinbase has raised eyebrows in the crypto community. This transfer aligns with a notable uptick in whale activity, with analysts tracking significant buying patterns. Current XRP prices remain stable, fluctuating between $2.17 and $2.26, as investors brace for potential shifts from upcoming Federal Reserve meetings and an impending SEC decision on an XRP ETF.
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In recent hours, an eye-catching XRP transfer has made waves within the cryptocurrency scene. Whale Alert, a blockchain tracking service, revealed that a whopping 29,532,534 XRP, amounting to nearly $64.4 million, was moved from an unknown wallet to the well-known exchange, Coinbase. This hefty transfer has certainly stirred some curiosity among investors and crypto enthusiasts.
Whale Alert tweeted about the transfer, specifying the details: “29,532,534 XRP (64,429,964 USD) was transferred from an unknown wallet to Coinbase.” The sender remains a mystery, which only adds intrigue. While the exact intent behind this move isn’t clear, withdrawals from wallets often indicate a buying intent, while deposits suggest selling vibes. This particular transaction could mean potential selling, perhaps a liquidity boost, or some strategy related to Coinbase.
This sizable XRP transfer is part of a larger trend of increasing activity among cryptocurrency whales. As noted by crypto analyst Ali, whales have notably acquired around 900 million XRP over the course of the past month. Quite the surge indeed, right?
As for XRP’s price action at the time of this report, it was up slightly by 0.17% in the last 24 hours, resting at $2.21. This reflects a somewhat tepid trading situation, especially with Bitcoin hovering near $95,000. Since early May, XRP’s price has been pretty stable, oscillating narrowly between $2.17 and $2.26, and managing to stay above the daily SMA 50 at $2.183, which some view as a good sign.
Looking ahead, traders will likely keep a close eye on how XRP behaves around this daily SMA 50 level, particularly as the market awaits a potential catalyst. On a broader economic scale, all eyes will also be watching for clues related to the upcoming Federal Reserve meeting on May 6 and 7. Speculation suggests they may keep the short-term borrowing rate steady at this meeting but may reduce it by a quarter percentage point in June—with further cuts expected by year-end.
Moreover, the SEC’s decision regarding the XRP ETF, anticipated in mid-June, could further influence the market’s trajectory. For short-term traders, the bulls seem to have their sights set on the $2.6 and $3 ceilings, while the $2 mark appears to be the key support level in the meantime.
