A large-scale Ripple whale transferred 29.5 million XRP, valued at over $64 million, to Coinbase.

This notable movement has been interpreted by many analysts as a signal of potential institutional activity, possibly laying the groundwork for a significant XRP price surge.

A large-scale Ripple whale has just transferred 29.5 million XRP, valued at over $64 million, to Coinbase, sparking widespread interest among crypto analysts.

This notable movement is being interpreted as a potential signal of institutional activity, which could lay the groundwork for a significant XRP price surge.

Large-Scale XRP Transfer to Coinbase Sparks Institutional Activity Rumors

A deep-pocketed wallet, known for prior movements of 100 million XRP, has once again made headlines with a massive token transfer.

According to blockchain data aggregator Whale Alert, a wallet codenamed "Bitcoin Depot" has transferred 29,532,534 XRP, valued at approximately $64.4 million, to Coinbase.

The $64 million whale transfer follows a broader trend observed by crypto data platform Santiment. According to their analysis, wallets holding between 10 million and 100 million XRP have accumulated more than 200 million tokens in the past week.

This surge in whale activity coincides with renewed optimism in the market, especially as Ripple’s legal outlook improves and XRP ETF chatter gains momentum.

A total of 29,532,534 #XRP (≈ $64,406,196) moved from unknown wallet to #Coinbase.

This has sparked speculation among analysts, who believe that the funds could be deployed for liquidity events or market entry by deep-pocketed investors.

One market observer aptly summarized the situation, stating, “The whales are positioning themselves ahead of what could be a sharp move.”

As one of the main Ripple exchange partners, Coinbase is a logical destination for such a significant liquidity event.

XRP Price Technical Analysis: Consolidation Phase Awaits

In other developments, XRP is currently trading at around $2.20, showing resilience after a brief dip to $2.15. The pullback on April 30 led to over $13 million in long position liquidations.

Despite the shakeout, XRP continues to hold above its 20-day simple moving average (SMA) of $2.1677, a level viewed as a key support zone.

Moreover, XRP is nearing a potential 30% breakout against Bitcoin as narrowing Bollinger Bands signal an imminent price move.

Technical indicators present a mixed outlook, with the Relative Strength Index (RSI) at 52.44 suggesting a slight bias toward buyers. However, the Chaikin Money Flow (CMF) stands at -0.13, indicating minor capital outflows.

Analysts are closely watching for a breakout above the $2.31 mark with increasing volume. Such a move would confirm bullish strength and potentially ignite a rally into price discovery territory—a zone XRP hasn’t visited in years.

Long-Term Potential: $10, $20, or Even $50?

Analysts are also highlighting XRP's long-term potential, projecting possible price targets of $10, $20, or even $50.

Some predictions are becoming more aggressive following Ark Invest's bullish Bitcoin prediction. The company believes that in its most favorable case, BTC could hit $2.4 million by the year 2030.

In light of XRP's history of price movement correlation with Bitcoin, such a development would take XRP price to $50 or more.

If XRP tracks Bitcoin's projected 2,400% growth, it could increase from $2.27 to as high as $56.75, The Crypto Basic reported.

While this projection is speculative, it reflects the high expectations among the XRP community. As altcoin season progresses and Bitcoin continues to surge, XRP appears well-positioned to ride the wave, possibly toward new all-time highs.

For now, investors are closely monitoring the $2.31 resistance level. A successful breakout could mark the beginning of a new bullish chapter in XRP's story.