A major XRP whale has transferred over $64 million of the token to Coinbase, raising speculation about a potential market shift. The transaction involved 29,532,534 XRP moved from an unknown wallet to the exchange, signaling renewed activity among large holders as investor excitement builds around the anticipated XRP ETF launch.
On-chain data from Santiment has confirmed that wallets holding between 10 million and 100 million XRP added more than 200 million tokens over the past week.
Based on this significant recent increase in token holdings, institutional investors are planning an upcoming market breakout. The timing of this whale transaction has raised additional curiosity since institutional investors usually move before main market fluctuations.
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The prospect of an XRP exchange-traded fund receives increasing attention from market analysts because it is the main reason behind rising whale activity. Polymarket analysts have predicted that the chances for ETF approval now exceed 80 percent.
The upcoming May 14 release date of the ProShares XRP ETF, combined with investor enthusiasm, has positively influenced prices and continues to support future market changes.
Key Technical Levels Suggest a Potential Breakout Ahead
XRP is trading around $2.20, recovering from a recent decline to $2.15. Despite the drop, the token has held above the 20-day simple moving average, now serving as a crucial support level at $2.1677.
During the price dip, long liquidations totaled $13.9 million, while shorts accounted for only $1.49 million, pointing to a dominant long position among traders.
Technical indicators remain closely watched, with the upper Bollinger Band at $2.3082 marking a key resistance level. Strong price elevation above $2.30 would likely generate substantial market movement that could push XRP up to $2.50 and potentially even to $2.80.
The Bollinger Bands currently show narrow spaces, which historically lead to market volatility growth and breakouts.
The Relative Strength Index indicates 52.44, which displays positive upward growth, suggesting investors are building buying momentum. The Chaikin Money Flow shows continuing capital outflows at -0.13 but will turn bullish if capital inflows rise above the zero line, strengthening bullish market predictions.
Conclusion
The $64 million XRP whale transfer to Coinbase, combined with rising ETF speculation and increased institutional accumulation, suggests a strong bullish move could be forming. Traders are now closely watching for a breakout above $2.31 to confirm the momentum.
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