29,532,534 XRP Stuns Crypto Exchange Coinbase, What’s Happening?

A significant XRP movement has caught the attention of the crypto community with over 29 million XRP shifted to major crypto exchange Coinbase, according to data from Whale Alert.

In a recent tweet, Whale Alert reported that “29,532,534 XRP worth $92,686,314 was transferred from an unknown wallet to Coinbase.”

One of the reasons why tokens get moved to exchanges is to sell them, although this might not be the case in this scenario, with other reasons likely.

The transfer may be intended to provide additional liquidity to Coinbase. Exchanges often receive large inflows from wallets to ensure enough supply for increasing trading volumes, particularly during volatile market periods or increased demand.

It is also possible that the move is a mere fund reshuffling, with XRP being redistributed for diversification. All that said, the exact reason for the move remains unknown.

At the time of writing, XRP was up 1.06% in the last 24 hours to $3.13. Since Jan. 16, the price has broadly consolidated between $2.82 and $3.40.

The range has narrowed in the last few days, hinting that a major move might be on the horizon. In this scenario, a sustained breach above $3.4 might target $4, while support remains at the daily SMA 50 at $2.55 if price falls.

XRP Ledger sees impressive growth

According to Messari’s recent Q4 2024 report, XRP Ledger experienced growth across all important measures, including NFTs.

In Q4, total NFT transactions grew 460%, with NFT mint and burn transactions increasing 855% and 1,850%, respectively. Furthermore, NFT create and accept offer transactions grew by 80% and 62%, respectively, whereas NFT cancel offer transactions climbed by 99%.

As in Q4, 2023, and Q1, 2024, a large rise in mint activity caused NFTokenMint to overtake NFTokenCreateOffer as the most popular NFT transaction type in Q4, 2024. Previously, NFTokenCreateOffer was the most popular transaction type in Q2 and Q3, 2024.

As of the conclusion of Q4, roughly 7.5 million NFTs had been minted using the XLS-20 standard. Notably, more than 3.4 million of these came in Q4, 2023.