Whale Moves $63.8M XRP to Coinbase Amid ETF Hopes

An unidentified whale recently transferred 29.5 million XRP tokens, valued at approximately $63.8 million, to the cryptocurrency exchange Coinbase. This significant transaction has sparked discussions among on-chain analysts, who often interpret large transfers to exchanges as a bearish signal, indicating that the holder may be preparing to sell. Such movements can increase short-term selling pressure, potentially impacting prices negatively.

The transaction occurred on April 15, amidst growing excitement around the potential approval of a spot XRP exchange-traded fund (ETF). Data suggests that XRP is leading the race for a spot cryptocurrency ETF, with at least 10 active ETF filings, more than any other altcoin, including Solana, Litecoin, and Dogecoin. Notable names among the XRP ETF applications include Bitwise, ProShares, Grayscale, WisdomTree, Franklin Templeton, and Hashdex. This flurry of filings represents a significant milestone for XRP, as approval by the SEC could attract substantial institutional capital. The regulator has until mid-October to make a decision on the product.

The likelihood of approval for such a product has increased as the long-standing SEC vs. Ripple case nears its conclusion. Additionally, Teucrium recently enhanced XRP’s liquidity by launching a 2x leveraged XRP ETF, which tracks European ETPs and swaps to deliver twice XRP’s daily returns. This fund became Teucrium’s top-performing fund, trading over $5 million on its launch day, adding crucial momentum to XRP’s push for U.S. spot ETF approval.

As of the latest reports, XRP was trading at $2.13, with a 0.6% gain in the last 24 hours. Over the past week, the token has rallied more than 12%. XRP’s price is currently in a short-term bearish bias, trading below its 50-day simple moving average (SMA), but it maintains a long-term bullish structure by holding above its 200-day SMA. Combined with neutral market sentiment, this suggests that the asset may experience sideways or slightly downward movement unless new bullish catalysts, such as ETF news, emerge to reignite momentum.