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A significant XRP movement has caught the attention of the crypto community with over 29 million XRP moving to the major crypto exchange, according to data from Whale Alert.
In a recent tweet, whale alert reported This “29,532,534 XRP worth $92,686,314 was transferred from an unknown wallet to Coinbase.”
One of the reasons tokens are moved to exchanges is to sell them, although that is not the case in this scenario, with other reasons likely.
The transfer may be intended to provide additional liquidity to Coinbase. Exchanges often receive large wallet inflows to ensure sufficient supply to increase trading volumes, particularly during volatile market periods or increased demand.
It is also possible that this move is a simple reshuffle of the fund, with XRP being redistributed for diversification. That said, the exact reason for this decision remains unknown.
At the time of writing, XRP is up 1.06% over the past 24 hours to $3.13. Since January 16, the price has largely consolidated between $2.82 and $3.40.
The range has narrowed in recent days, hinting that a major move could be on the horizon. In this scenario, a sustained violation above $3.4 could target $4, while support remains at the Daily 50 SMA at $2.55 if the price declines.
XRP Ledger sees impressive growth
According to Messari‘S’s recent 2024 Quarter Report, XRP Ledger saw growth in every important metric, including NFTs.
In the fourth quarter, total NFT transactions increased by 460%, with NFT Mint and Burn transactions increasing by 855% and 1,850%, respectively. Additionally, the creation and acceptance of NFT offering transactions increased by 80% and 62%, respectively, while NFT cancellation offering transactions increased by 99%.
As in Q4, 2023 and Q1, 2024, a surge in mint activity caused NFTokenmint to overtake as the most popular NFT transaction type in Q4, 2024. Previously, NFTOKenCreateOff has been the most popular transaction type most popular in Q2 and Q3, 2024.
By the end of the fourth quarter, approximately 7.5 million NFTs had been minted using the XLS-20 standard. Notably, more than 3.4 million of them came in the fourth quarter, 2023.
