Despite Christmas Day and the festive atmosphere it brings, the cryptocurrency market remains active and has participants on their toes like never before. This time, it was XRP enthusiasts’ turn to pay attention, as Whale Alert reported a mysterious large-scale transfer of the tokens to the leading US cryptocurrency exchange, Coinbase.
According to the report, more than 30.17 million XRP, equivalent to about $69.24 million, were transferred from the unknown wallet with the address “rBgEsEX” to the Coinbase address “rUjfTQ.”
The main concern of market participants in such cases is that a large transfer to a major exchange from what appears to be an individual wallet could be a sign of an imminent sale by a large unknown entity.
However, conversely, in the eyes of cryptocurrency enthusiasts, it looks like a whale that buys and withdraws assets from the centralized exchange for personal safekeeping.
🚨 🚨 🚨 30,171,667 #XRP (69,244,848 USD) transferred from unknown wallet to #Coinbasehttps://t.co/WPcBRo63W9
– Whale Alert (@whale_alert) December 25, 2024
What is the case of this XRP transfer remains a mystery; However, one community enthusiast with the XRPWallet account, which tracks large movements of the popular cryptocurrency, says it is a transfer from Coinbase to Coinbase, which may mean nothing more than an internal operation of a major American exchange .
Even though there is no direct affinity to the token, such a transfer can still cause disruption for the token as any random market participant can see the Whale’s Alert report and draw the conclusion that some unknown major XRP player is about to to download more than $69 million in cryptocurrencies on Coinbase.
It remains to be seen how this situation will affect XRP, but the price of the cryptocurrency is currently trading down almost 1.5% since the start of the day’s trading session.
