Recently, there was a significant XRP transaction that caught the attention of the crypto community. 29 million XRP coins were transferred to major crypto exchange Coinbase. According to Whale Alert, 29,532,534 XRP, worth approximately $92.7 million, was sent to Coinbase from an unknown wallet. Although large transfers to exchanges are often associated with potential selling activity, the reason for this particular movement remains unclear and other factors may be at play.
Large transaction for XRP coin attracted attention
One of the most notable developments in the cryptocurrency market recently was the transfer of a large portion of XRP tokens to the Coinbase exchange. This transaction, in which more than 29 million XRP was sent, brought about market consolidation and various speculations about the future of the token. Both the price movements of XRP and the increase in NFT activities on the XRP Ledger have become one of the carefully watched topics in the crypto world.
One possible explanation for this transfer could be the need to provide additional liquidity to Coinbase. During periods of increased trading volumes or market volatility, exchanges often receive large inflows of tokens to ensure sufficient supply for users. Another possibility could be realignment of funds or asset diversification. But without further information, the exact purpose of the transfer remains based on speculation.
At the time of writing, XRP was trading at $3.13 and had increased by 1.06% in the last 24 hours. Since mid-January, the token has been consolidating in the price range between $2.82 and $3.40. According to analysts, the narrowing of this range in recent days indicates that a potential breakout may be imminent. A sustainable breach of the $3.40 level could target the $4 level, while support exists at $2.55 if the price declines.
Ripple stood out in the NFT field
Aside from this significant transfer, XRP Ledger has shown impressive growth, especially in the NFT (Non-Fungible Token) sector. According to Messari’s Q4 2024 report, NFT activity on the XRP Ledger experienced a massive increase in several key metrics, with total NFT transactions increasing by 460%. In particular, NFT mint and burn transactions exploded, growing by 855% and 1,850% respectively. While the total number of NFTs minted using the XLS-20 standard approached 7.5 million by the end of the 4th quarter, more than 3.4 million NFTs were minted in the 4th quarter alone.
