29th April 2025 – (New York)

A staggering transfer of 29,532,534 XRP tokens, worth approximately $68.7 million

A massive transfer of 29,532,534 XRP tokens, valued at approximately $68.7 million, was detected today, April 29, by Whale Alert.

A massive transfer of 29,532,534 XRP tokens, valued at approximately $68.7 million, was detected today, April 29, by Whale Alert.

The transfer, initially assumed by many to be a large-scale sell-off, has been clarified by XRPWallets as an internal token movement by Coinbase. The exchange is transferring a portion of its total XRP holdings to a different internal wallet.

The transfer, initially assumed by many to be a large-scale sell-off, has been clarified by XRPWallets as an internal token movement by Coinbase. The exchange is transferring a portion of its total XRP holdings to a different internal wallet.

This marks the third major cold wallet transfer by Coinbase in less than two weeks, with several sub-wallets consistently receiving 3.88 million XRP each.

The news comes after the U.S. Securities and Exchange Commission (SEC) approved three ProShares XRP futures ETFs on Thursday, April 27.

The news comes after the U.S. Securities and Exchange Commission (SEC) approved three ProShares XRP futures ETFs on Thursday, April 27.

However, despite initial reports, the approval is not for a spot ETF, which remains unapproved. The futures-backed ETFs—Ultra XRP ETF (2x long), Short XRP ETF (1x short), and Ultra Short XRP ETF (2x short)—will allow investors to gain exposure to XRP's price movements without directly holding the asset.

Following the regulatory developments, XRP's price surged by 6.35%, reaching $2.28 on Saturday, April 28. The market cap increased to $131.06 billion, and the trading volume soared 53.58%, amounting to $3.92 billion.

In comparison, Bitcoin dropped 1.79% to $93,081.91 as broader cryptocurrency markets experienced a slight decline.

As Ripple Labs continues to gain momentum following its partial legal victory against the SEC and a $125 million settlement with the U.S. Treasury, the SEC has dropped its appeal of a lower court ruling. This move paves the way for greater institutional adoption of XRP.

The SEC's decision to approve futures-backed ETFs also comes as the DEFI space continues to innovate with new and creative financial products.

The approval of futures ETFs provides a viable alternative for institutional investors seeking direct exposure to XRP through a spot ETF, which the SEC has yet to approve. A decision on Grayscale's application for a spot XRP ETF is expected by May 22.

Moreover, Brazil's Hashdex launched the world's first spot XRP ETF on the country's primary stock exchange, offering investors direct access to the digital asset.

Furthermore, CME Group plans to introduce XRP futures contracts on May 19, expanding the institutional interest in the token.

Technical indicators suggest a bullish outlook for XRP, with traders focusing on breakout levels at $2.40 and $2.60.

Technical indicators suggest a bullish outlook for XRP, with traders focusing on breakout levels at $2.40 and $2.60.

The token's resilience in the face of market challenges and its increasing institutional adoption highlight its growing significance in the crypto landscape.