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In recent hours, a significant XRP transfer has sparked interest in the crypto community. According to blockchain tracker Whale Alert, 29,532,534 XRP worth nearly $64.4 million was transferred from an unknown wallet to the major cryptocurrency exchange Coinbase.
In a tweet, Whale Alert reported that "29,532,534 XRP (64,429,964 USD) was transferred from an unknown wallet to Coinbase."
The identity of the sending wallet remains unknown, adding a layer of mystery to the transaction. Although the exact reason behind the move remains unknown, withdrawals frequently indicate an intention to buy, whilst deposits may indicate a desire to sell. The XRP shift to Coinbase might be a selling move, or possibly a liquidity injection or exchange-based strategy.
This latest move follows a trend of increasing XRP whale activity; according to Ali, a crypto analyst, whales bought around 900 million XRP over the past month.
XRP price action
At the time of writing, XRP was just up 0.17% in the last 24 hours to $2.21, reflecting the market's lackluster trading activity as the Bitcoin price hovered around $95,000.
Since the start of May, the XRP price has consolidated in a tight range between $2.17 and $2.26, remaining above the daily SMA 50 at $2.183, which is positive.
In the coming days, eyes will be on XRP price behavior around the daily SMA 50 while the market awaits a catalyst.
On the macroeconomic front, investors will follow closely for clues on positioning as the Fed's next meeting is held on May 6 and 7. Markets expect the Fed to maintain its benchmark short-term borrowing rate unchanged at the meeting, anticipating a quarter percentage point decrease in June, with two or three more to come by the end of the year. Investors will also be looking ahead to the SEC's decision on the XRP ETF in mid-June.
In the short term, $2.6 and $3 remain the targets for bulls, while support is envisaged at $2.
Vladislav Sopov