Despite Christmas Day and the festive mood it brings, the cryptocurrency market is still active and has participants on their toes as never before. This time around, it was the turn of XRP enthusiasts to pay attention, as Whale Alert reported a mysterious large-scale transfer of the tokens to leading U.S. cryptocurrency exchange Coinbase.
According to the report, over 30.17 million XRP, equivalent to about $69.24 million, were transferred from the unknown wallet with the address "rBgEsEX" to the Coinbase address "rUjfTQ."
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The main concern of market participants in such cases is that a large transfer to a major exchange from what appears to be an individual wallet could be a sign of an imminent sell-off by a large unknown entity.
Conversely, however, it appears to the eye of crypto enthusiasts as a whale buying and withdrawing assets from the centralized exchange to personal custody.
🚨 🚨 🚨 30,171,667 #XRP (69,244,848 USD) transferred from unknown wallet to #Coinbasehttps://t.co/WPcBRo63W9
— Whale Alert (@whale_alert) December 25, 2024What's the case with this XRP transfer remains a mystery; however, a community enthusiast with the account XRPWallet, which tracks large movements of the popular cryptocurrency, says that it is a Coinbase-to-Coinbase transfer, which may mean nothing but just an internal operation of a leading U.S. exchange.
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Despite no direct affinity with the token, such a transfer can still cause disturbances for the token, as any random market participant can see Whale's Alert report and draw a conclusion that some unknown major XRP player is about to offload over $69 million worth of cryptocurrency on Coinbase.
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How this situation will affect XRP remains to be seen, but the price of the cryptocurrency is currently trading down nearly 1.5% since the start of the day's trading session.
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