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XRP whale moves US$68.7 million to Coinbase, but it's likely an internal transfer. Institutional demand for XRP is on the rise, with new ETFs and futures contracts, potentially driving the price to US$3-$4.
A significant XRP transaction worth US$68.7 million, involving 29,532,534 tokens, has caught the attention of the cryptocurrency industry. Whale Alert flagged the move from an unknown wallet to a Coinbase-linked address, sparking speculation about potential market implications.
However, new evidence suggests this transaction might not be a typical whale sell-off, but rather an internal transfer within Coinbase, consistent with recent patterns of operational adjustments.
The business deal took place at a time when institutions were actively pursuing XRP-related interests. ProShares launched XRP-based exchange-traded funds (ETFs), offering regulated investment products that enable investors to access the XRP token market. XRP futures contracts have received regulatory approval from the CME Group, advancing the process of institutional market participation.
XRP gained greater legal acceptance as Ripple Labs successfully defended itself in its lawsuit against the U.S. Securities and Exchange Commission, which boosted market sentiment toward the cryptocurrency. The new regulatory clearance eliminates a key hurdle to attracting institutional investment in the asset.
Recent market volatility has not weakened XRP's fundamental support structures. According to technical market indicators, a backward-facing head-and-shoulders pattern is developing. Technical analysts consider this pattern bullish when it crosses above its neckline. Crypto analyst Ali Martinez stated that XRP is currently forming this chart structure, which establishes additional bullish market conditions.
The price of XRP reached a peak of US$2.36 the day before, before returning to maintain levels at US$2.27. The price movement indicates resistance at higher levels, although current indicators display a strong trading structure combined with increasing trading volumes alongside persistent support.
Experts predict that XRP will return to price levels of $3.00-$4.00 once institutional investors maintain their commitment and futures and ETF markets create deeper liquidity. Futures price predictions depend on standard market forces and regulatory adoption developments active across affected platforms.
The US$68.7 million XRP movement suggests that wallet management practices are at play, rather than being due to selling activities, according to early trading analysis. XRP's market position is shifting while institutional activity is coinciding, creating potential for widespread price fluctuations in the upcoming weeks.
