$70,224,089 XRP Stuns Coinbase in Minutes, What's Happening?

According to blockchain data tracker Whale Alert, 25.49 million $XRP worth more than $70.22 million was transferred to Coinbase in a matter of minutes, causing the market to take notice. The transaction came from an unknown wallet, which adds to the mystery surrounding the move.

According to Whale Alert, "25,498,179 $XRP worth $70,224,089 were transferred from an unknown wallet to Coinbase."

The timing of the transfer remains significant, as $XRP has been in the green for five consecutive days, with a positive close today being the sixth, indicating sustained bullish momentum.

While the exact reason for the move remains unknown, the combination of rising prices and a whale-sized deposit onto a major exchange like Coinbase raises concerns: Is this a profit-taking move or just mere funds' reshuffling?

In the last 24 hours, $XRP has seen an uptick in whale activity. On July 12, Whale Alert reported a move of 33,000,000 $XRP worth $90,216,153 from South Korean crypto exchange Upbit to an unknown wallet.

What's happening?

At the time of writing, $XRP was up 1.11% in the last 24 hours to $2.82. $XRP hit a four-month high of $2.97 on July 11 in a rise that's now entering the sixth day. The surge coincided with a major increase in network growth (6,939 addresses created in a single day) and an increase in retail interest on social media.

Analysts also point to a strong technical structure underpinning $XRP's recent surge.

According to veteran trader Peter Brandt, $XRP is congesting on its USD monthly and weekly charts, ready to "possibly blast off." In another tweet, Brandt stated that following April's false breakout, the $XRP chart has formed a compound fulcrum that has implications for "$XRP price to trade at $4.4."

A confirmed breakout above $2.97 could mark the start of a new bullish leg, while the 50 and 200 moving averages at $2.23 and $2.36 could act as intermediate support ahead of the $2 mark in case of a fall.