XRP has recorded a notable large transaction after an unidentified whale moved 29.5 million tokens, worth approximately $63.8 million, to cryptocurrency exchange Coinbase.
On-chain analysts often interpret such large transfers to exchanges as a bearish signal since they typically suggest the holder may be preparing to sell.
Large inflows to centralized exchanges can increase short-term selling pressure, which may negatively impact prices.
The April 15 transaction comes amid growing hype around a potential spot XRP exchange-traded fund (ETF) approval.
XRP ETF hype
Data indicates that XRP has taken the lead in the race for a spot cryptocurrency ETF. The token currently has at least 10 active ETF filings, more than any other altcoin, including Solana, Litecoin, and Dogecoin.
Among the names of XRP ETF applications are Bitwise, ProShares, Grayscale, WisdomTree, Franklin Templeton, and Hashdex.
The flurry of filings marks a key milestone for XRP, which will likely attract institutional capital if approved by the SEC. The regulator has until mid-October to decide on the product.
Notably, the odds of such a product being approved have received a major boost as the long-standing SEC vs. Ripple case nears its conclusion.
Meanwhile, Teucrium recently boosted XRP‘s liquidity by launching a 2x leveraged XRP ETF, which tracks European ETPs and swaps to deliver twice XRP’s daily returns. It became Teucrium‘s top-performing fund, trading over $5 million on launch day, adding crucial momentum to XRP’s push for U.S. spot ETF approval.
XRP price analysis
As of press time, XRP was trading at $2.13, gaining about 0.6% in the last 24 hours. Over the past week, the token has rallied more than 12%.
XRPs price is currently caught between a short-term bearish bias, trading below its 50-day simple moving average (SMA), and a long-term bullish structure, holding above its 200-day SMA.
Combined with neutral market sentiment, suggesting the asset may see sideways or slightly downward movement unless new bullish catalysts, such as ETF news, emerge to reignite momentum.