A significant XRP transfer has sparked interest in the crypto community as a mystery wallet moves 29,532,534 XRP to Coinbase

According to blockchain tracker Whale Alert, 29532534 XRP worth nearly $64.4 million was transferred from an unknown wallet to the major cryptocurrency exchange Coinbase.

A substantial XRP transfer has raised interest in the crypto community. As reported by blockchain tracker Whale Alert, 29,532,534 XRP, amounting to nearly $64.4 million, was transferred from an unknown wallet to the major cryptocurrency exchange Coinbase.

"🚨 🚨 29,532,534 #XRP (64,429,964 USD) transferred from unknown wallet to #Coinbase," Whale Alert tweeted.

The identity of the sending wallet remains undisclosed, adding a layer of mystery to the transaction.

Although the exact reason behind the move remains unknown, withdrawals frequently indicate an intention to buy, whilst deposits may indicate a desire to sell. The XRP shift to Coinbase might be a selling move, or possibly a liquidity injection or exchange-based strategy.

This latest move follows a trend of increasing XRP whale activity. According to crypto analyst Ali, whales bought around 900 million XRP over the past month.

XRP price action

At the time of writing, XRP was just up 0.17% in the last 24 hours to $2.21, reflecting the market's lackluster trading activity as the Bitcoin price hovered around $95,000.

Since the start of May, the XRP price has consolidated in a tight range between $2.17 and $2.26, remaining above the daily SMA 50 at $2.183, which is positive.

In the coming days, eyes will be on XRP price behavior around the daily SMA 50 while the market awaits a catalyst.

On the macroeconomic front, investors will follow closely for clues on positioning as the Fed's next meeting is held on May 6 and 7. Markets expect the Fed to maintain its benchmark short-term borrowing rate unchanged at the meeting, anticipating a quarter percentage point decrease in June, with two or three more to come by the end of the year. Investors will also be looking ahead to the SEC's decision on the XRP ETF in mid-June.

In the short term, $2.6 and $3 remain the targets for bulls, while support is envisaged at $2.