Today, Whale Alert caught a major XRP movement as 29,532,534 tokens, worth about $68.7 million, made their way onto Coinbase. A transfer of that size usually triggers one big question - is someone preparing to sell?

This time, not exactly. According to tracking by XRPWallets, the origin was not an outside trader looking to cash out but Coinbase itself moving XRP between internal wallets. It is the third large cold wallet transfer the exchange has made in under two weeks, with several sub-wallets receiving a consistent 3.88 million XRP each. 

Routine or strategic? That is what everyone is trying to figure out now.

The move comes against a very different backdrop for XRP compared to just a few months ago. 

April delivered a series of breakthroughs: XRP-based ETFs launched through ProShares and CME Group gave the green light to futures trading, and Ripple’s lengthy dispute with the SEC finally wrapped up. Each step added fresh credibility to XRP's place on regulated crypto markets.

Momentum has been building. XRP’s price action has stayed steady above key technical levels, even as broader crypto markets have seen swings. 

If the current trend holds, XRP could be in striking distance of the $3 mark, with a longer-term view toward reclaiming its all-time highs around $3.80 to $4.00. The launch of futures trading on a platform like CME could provide even more fuel, opening XRP to deeper institutional flows.

Still, any large transaction turns heads - especially in a market still cautious after incidents like the Bybit hack or even today's exploit of Bitcoin wallets.