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.

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.