A large Ripple whale has moved 29,532,534 XRP, valued at $63.81 million, from an unknown wallet to Coinbase.

This Ripple whale transfer comes at a time when XRP is making waves in the cryptocurrency market, positioning itself as one of the top candidates for a U.S. spot ETF approval.

A large Ripple whale has just moved 29,532,534 XRP, valued at $63.81 million, from an unknown wallet to Coinbase. This batch of the token is part of the broader cryptocurrency market.

The Ripple transfer comes at a time when XRP is making waves in the cryptocurrency market, positioning itself as one of the top candidates for a U.S. spot ETF approval.

The world’s seventh largest cryptocurrency has shown a marked improvement in liquidity over the past few months, placing it in direct competition with Solana (SOL) for ETF approval, with analysts predicting that XRP may get approved sooner than its rivals.

A study of 1% market depth on vetted exchanges by Kaiko Indices shows that both XRP and Solana have the deepest liquidity. However, XRP’s liquidity has increased since late 2024, outperforming that of Solana and even rising to two times that of Cardano’s ADA.

Several events have enhanced XRP’s liquidity, such as Teucrium’s launching of a 2x XRP ETF in the recent past. This leveraged product tracks European ETPs and swap agreements, offering double the daily returns of XRP.

On the launch date, it traded above $5 million, becoming the best-performing fund for the Teucrium Fund Company. Such momentum brings XRP the vital support for its objective to establish a place in the approval process for the U.S. spot ETF.

Despite the absence of a robust futures market, as seen in BTC, XRP has gradually made an increased impression in the US spot market. This triggered the token’s market share to go to the highest level since the SEC lawsuit in 2021, which triggered multiple delistings.

In this regard, Solana’s market share has decreased to 16% from the 25-30% recorded in 2022. According to analysts, XRP continues to trade significantly in the spot market, which could pave the way for approval soon.

After the SEC approved various filings for XRP spot ETFs, a key deadline for Grayscale’s amendment is set for May 22.

Additional good news came from the regulatory channel, confirming Paul Atkins as the new SEC Chair. Since several deadlines are set for the ETFs in the cryptocurrency market, Atkins’ leadership could determine the fate of XRP and other assets.

XRP’s situation differs from Bitcoin’s, as it lacks a robust futures market, making the cryptocurrency’s regulatory landscape more complex. However, rising liquidity and introducing the 2x XRP ETF have shifted the narrative firmly towards Ripple’s token.

Therefore, the steps taken by the SEC in reaction to Grayscale’s filing will set the direction through which XRP may or may not get approval.

Despite this, according to data from Polymarket, there is a 74% chance that XRP will be approved for a spot ETF by December 31, 2025.

However, there is still cautious optimism in the option market for XRP. Data from Deribit reveals an abundance of bear call options, indicating that traders are mainly hedging against further downside.

This is partly due to worries from the broader market, such as macroeconomic issues that may affect crypto assets, like the Trump tariffs.

Looking at the technical analysis of the XRP price, there are indications of purely bullish opportunities. According to crypto analyst TheDefilink, XRP price is presently trading above key support levels on the daily charts, and as signified by the Ichimomo Cloud, the trend remains bullish.

In addition, large token transfers mean that Ripple whales are active in the market. The latest 29 million XRP transferred to Coinbase, alongside the 70 million XRP transfer between two unknown wallets, also depicts interest in XRP.

Additionally, the tightening of XRP’s Exponential Moving Averages (EMAs) suggests a potential golden cross could be forming, a pattern often associated with upward price movements.

According to the analyst, XRP price resistance levels are $2.23 and $2.50, with support levels at $1.96 and $1.61. A successful move above the $2.23 resistance could further energize the bullish sentiment surrounding XRP, aligning with a recent CoinGape XRP price analysis.

However, failure to hold the $1.96 support level might lead to a shift in market sentiment, potentially triggering a bearish correction in the short term.