A massive XRP transaction has triggered speculation across the crypto market after nearly 30 million tokens were moved to Coinbase. According to Whale Alert, exactly 29,532,534 XRP worth approximately $68.7 million was transferred from an unknown wallet to the exchange on April 28.
These large-scale transfers often spark fears of incoming sell pressure, especially when the destination is a significant exchange. When whales offload assets in bulk, market volatility and short-term price drops can increase.
Crypto analytics platform Alva highlighted the growing tension surrounding the move. The firm stated in a post on X that the transaction had split the XRP community. Some traders are bracing for a quick dump, while others are betting that ongoing ETF excitement and Ripple’s legal momentum could sustain the current demand.
Alva also warned that volatility may increase rapidly if selling begins. However, they suggested that strong institutional interest and positive sentiment tied to ETF inflows could absorb the impact of any large-scale dumping.
Also Read: Crypto Market Dips Slightly as Bitcoin and Ethereum Hold Strong Positions
ETF Launch and Legal Sentiment Add Complexity to Whale Activity
This whale transaction occurs just ahead of the rumored April 30 debut of three XRP futures ETFs from ProShares. These products let investors track XRP’s price in both directions, including leveraged options tied to gains and declines.
Market expectations about the future approval of a spot XRP ETF within the United States continue to grow stronger. Meanwhile, dynamism in Brazilian markets has provided key support to investors by strengthening the case for an XRP exchange-traded fund.
Investors show caution regarding the Coinbase transaction due to daily trading volume falling by 5.93 percent, although XRP currently stands at $2.28. Active market participants evaluate price positions to assess if purchases will function better than existing selling pressure.
At the time of writing, XRP stands at $2.28, with a 0.11 percent increase within 24 hours. XRP’s market capitalization exceeds $133.27 billion, while the existing circulating supply has reached 58.44 billion XRP.
Conclusion
The sudden movement of nearly 30 million XRP has put traders on alert. While ETF optimism and legal momentum offer support, increased whale activity raises the risk of short-term market disruptions. Eyes now turn to the coming days as the market reacts to this high-stakes shift.
Also Read: These Key XRP Metrics Point to Major Rally Ahead
