Mysterious $92.7M XRP Transfer to Coinbase Sparks Speculation in the Crypto Community

A large transfer of 29,532,534 XRP, worth around $92.7 million, has caught the attention of the cryptocurrency community.

A large transfer of XRP, valued at approximately $92.7 million, has been detected by Whale Alert, a service that tracks significant cryptocurrency transactions. The transfer involved 29,532,534 XRP being sent to Coinbase, according to their report on Twitter.

This substantial transfer has sparked speculation within the cryptocurrency community. Typically, large transfers of this nature may indicate the owner's intention to sell. However, considering the recent surge in trading activity and the timing of the transfer, some speculate that this move may be intended to bolster liquidity on Coinbase.

At the time of the transfer, XRP's price experienced a slight increase of 1.06%, reaching $3.13. Since January 16, the cryptocurrency has been trading within a range of $2.82 to $3.40.

If XRP manages to break above the $3.40 resistance level, it could potentially continue rising towards $4. On the downside, support is expected to hold at $2.55.

In other news related to XRP, the XRP Ledger has witnessed significant growth, particularly in the non-fungible token (NFT) sector.

According to Messari's Q4 2024 report, NFT transactions on XRP surged by 460%. By the end of Q4, a total of 7.5 million NFTs had been minted using the XLS-20 standard, with over 3.4 million minted in the last quarter of 2023.The purpose of the large XRP transfer remains a subject of speculation, as the community awaits further information to unravel its true intent.