XRP Transfer Triggers Sell-Off Fears Ahead of ETF Launch

A significant XRP transaction has stirred the crypto community. On April 28, Whale Alert reported that 29,532,534 XRP, valued at approximately $68.7 million, was transferred from an unknown wallet to Coinbase. This move triggered concerns about a potential sell-off. Traders often fear price dips when such large transfers hit major exchanges.

🚨 🚨 🚨 29,532,534 #XRP (68,722,825 USD) transferred from unknown wallet to #Coinbase https://t.co/EkmHivkHxP
— Whale Alert (@whale_alert) April 28, 2025

Selling Pressure or Strategic Move?

These transfers often indicate possible liquidation. When whales dump tokens on exchanges, prices tend to fall due to sudden supply surges. Analysts at Alva, a crypto data firm, noted that this transaction has divided the XRP community. Some expect a dump, while others remain hopeful. Positive momentum from ETF developments and Ripple’s legal victories could maintain buying interest.

Alva warned that volatility could rise sharply if selling starts. However, the firm also pointed to strong institutional interest. ETF excitement may cushion the impact of any large XRP sell-offs. Notably, this transaction comes just before the rumoured April 30 launch of three XRP futures ETFs by ProShares. These ETFs allow leveraged bets on XRP’s price, both up and down.

Spot ETF Hopes Add Fuel

Expectations for a U.S.-approved spot XRP ETF are growing. Meanwhile, Brazil’s financial sector continues to support the idea, boosting confidence among international investors. These factors could help XRP sustain its position even under pressure.

Despite optimism, traders are cautious. XRP’s daily trading volume dropped by 5.93%, signalling hesitation. Currently, XRP is trading at $2.28, representing a 0.11% increase over the last 24 hours. Its market cap stands at $133.27 billion, with 58.44 billion XRP in circulation.

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The sudden transfer of 30 million XRP has put the market on edge. While ETF news and Ripple’s progress offer support, the risk of price swings remains high. As the April 30 ETF launch approaches, all eyes remain on XRP’s next move.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.