$70 Million in XRP Exits Coinbase, Who is Selling?

After the long and deep crypto market correction that sent XRP to the deep red territory, XRP has finally turned green after multiple weeks of consistent lows. Amid this sudden shift in sentiment, a recent transfer involving XRP has raised concerns.

On Monday, November 24, renowned blockchain tracker Whale Alert, which tracks down large cryptocurrency transfers, revealed that a massive 33,647,358 XRP has been dumped on the U.S. leading cryptocurrency exchange, Coinbase.

The large transfer saw an unknown wallet send a large amount of the Ripple-associated tokens worth over $70.8 million back to Coinbase in under a minute.

XRP bulls exiting or taking profits?

The transfer, which happened in a single transaction, has sparked curiosities among market participants about its intent.

Although it is common for large XRP transfers like this to happen on the exchange, the move has raised eyebrows due to its nature and timing.

While large crypto deposits to exchanges are often interpreted as an attempt to sell off the tokens, the millions of XRP tokens landed on Coinbase just as market sentiment began shifting across the broader crypto market.

Just like other leading cryptocurrencies, XRP is finally breaking its multi-week slump following a sharp price resurgence today. Notably, the sudden price reversal has seen XRP post massive gains of over 5% despite trading in the red earlier today.

As such, the attempted sale of the massive amount of XRP has led the crypto community to wonder if whales are still bearish on the asset or if it is merely a move to claim profits after the massive losses suffered in the previous weeks.

XRP responds to multiple ETF launches

Earlier today, two new XRP ETFs, Franklin Templeton XRP ETF and the Grayscale XRP ETF, officially went live, causing a buzz in the XRP ecosystem.

While the reason behind XRP’s sudden resurgence remains uncertain, these back-to-back ETF launches appear to have triggered the reversals, as they seem to have injected fresh optimism into the market..

With XRP moving from red to green today, it is trading at $2.20 as of writing time, while projecting a 24 hour increase of over 7%.