30,171,667 XRP Sent To Coinbase, Selloff Incoming?

Amidst the festivities that come with the Christmas holiday, some investors and traders have remained active. XRP price action during Christmas season could be on an exciting ride.

A recent transfer of over 30 million XRP to Coinbase cryptocurrency exchange was spotted onchain.

Notably, this transfer has raised concerns about a potential selloff, which could negatively impact the price of XRP.

Latest XRP Whale Action and Market Impact

Blockchain security tracker Whale Alert noted that this 30,171,667 XRP transfer had a value of $69,244,848 at the time. The funds shifted from an unknown wallet with the tag “rBgEsEX.”

Market observers are most concerned that the transaction came from an individual wallet to a major exchange.

Ordinarily, this situation precedes an imminent selloff. Conversely, it could be seen as a whale moving their assets to self-custody.

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XRPWallet, a community enthusiast that tracks large movements of the Ripple-associated cryptocurrency, believes the transaction is just a Coinbase-to-Coinbase transfer.

It may only be an internal operation of the Brian Armstrong-led crypto exchange and nothing more. If this is the case, the XRP ecosystem may have nothing to worry about regarding the impending sell pressure.

XRP Price in Ongoing Market Rally

Whatever the case may be, a transfer this large is capable of fueling negative sentiments for the coin.

Regarding price, XRP price has had a slight fall amid growing attempts for a rebound in the past 24 hours.

According to market data, the coin has lost 2.09% of its recent price gain and is now trading at $2.27. Despite this mild drawdown, XRP is still the fourth-largest cryptocurrency by market cap.

If market conditions become more favorable, XRP may pare off these losses amid the so-called “Santa Rally.” Per an earlier analysis from The Coin Republic, market analysts recently identified that the XRP price chart signals a potential breakout.

With so much optimism, analysts are looking forward to a $4 price target for the coin.

Top Analyst Rose Premium Signals highlighted that the XRP price is currently in a correction phase, which presents possible buying opportunities.

According to the analyst, $1.9280 is the key rebuy zone for XRP, with $4 set as the final target for the next price.

Other analysts have also identified a striking parallel between the current XRP’s price actions and its historical rally in 2017.

Ripple RLUSD and Impact on Price Growth

As part of the trends in the XRP ecosystem, Ripple’s United States dollar-pegged stablecoin RLUSD eventually launched on top global exchanges last week.

These exchanges include Uphold, MoonPay, CoinMENA, ArchaxEx, and Bitso. A few days ago, Independent Reserve became the first Singapore cryptocurrency exchange to list the stablecoin.

Other potential partners are Bullish, Mercado Bitcoin, Bitstamp, and Zero Hash.

Several XRP community members remain concerned about the potential impact that RLUSD could have on XRP’s utility and price.

To allay their fears, Ripple President Monica Long has discussed the key implications of RLUSD for the XRP ecosystem.

In her exposition, she said the two assets are very different from each other and serve different purposes.

Despite these dissimilar functions, the price of XRP still dropped by a few percent immediately after Ripple launched the stablecoin.

Recently, it was reported that RLUSD could make a monumental impact by introducing $11.55 trillion into the XRP Ledger. This massive liquidity move would revolutionize global payments and trigger an XRP price surge.