BREAKING: Ripple Moves Massive XRP to Coinbase Crypto Exchange

In major XRP news today, Ripple moved a significant amount of XRP coins to Coinbase crypto exchange. On-chain transaction data revealed transfers to multiple subwallets by Ripple, followed by further transfers to Coinbase subwallets. This comes amid the latest XRP price recovery.

Ripple Caught Moving XRP to Coinbase

On April 21, Whale Alert flagged 75,000,000 XRP coins moved from a wallet linked to Ripple (50) to an unknown wallet “rfRms.” The transfer was worth over $107 million.

On-chain analysis revealed rfRms as a subwallet of Ripple (50). Notably, the wallet had immediately moved these coins to five different wallets, distributing 15,000 XRP in each. These are confirmed as Ripple (50) subwallets.

Among these five wallets, rwtzRv and rDKARn further moved a total of 50,000 XRP. Wallet address “rwtzRv” moved 25,000 to rhSKLj, a Coinbase (8) subwallet, and “rDKARn” transferred 25,000 XRP to rPS9kV, a Coinbase (4) subwallet.

Ripple typically moves large holdings through intermediary wallets for liquidity management, over-the-counter (OTC) trading, and distribution via its on-demand liquidity (ODL) platform.

However, the latest transfers have sparked speculation within the crypto community, as they came after a recent XRP price recovery. Ripple and its executives moving XRP to crypto exchanges is considered bearish. Notably, whales exited after Ripple executive chairman Chris Larsen dumped his XRP holdings last year.

Will XRP Price Witness a Pullback or Rally?

XRP price continues upside momentum amid massive inflows into spot ETFs and wXRP launch on the Solana network. As CoinGape accurately predicted earlier, the XRP price hit $1.50.

XRP is trading 1.6% higher at $1.44 today. The 24-hour low and high are $1.41 and $1.44, respectively. However, trading volume has decreased by 12% over the last 24 hours, indicating a decline in interest among traders.

Prices are expected to trade between the 50-DMA and 100-DMA, with analysts predicting a major XRP move ahead after a symmetrical triangle breakout. and 200-SMA at the time of writing.

CoinGlass derivatives data showed buying sentiment in the last few hours. The total XRP futures open interest jumped 0.75% to $2.60 billion in the last 24 hours. The 4-hour futures OI on CME and Binance climbed more than 0.20% and 1.44%, respectively. This signals bullish sentiment among derivatives traders.

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