Now, an unknown wallet has performed a huge transaction of 29,532,534 XRP tokens. The 218,382,000 USDT in this transaction worth approximately $69.5 million was transferred to Coinbase, one of the leading U.S. crypto exchanges. The movement has raised eyebrows and hopes in the cryptocurrency community, particularly in light of XRP’s impressive performance over the past weeks and rising trading volumes.

The transfer, first registered by blockchain monitoring services, included a contested $400 million in XRP. It went straight to the hearts of people wondering what the real motives were for such a huge transfer of money. Analysts are continuing to keep a close eye on Coinbase’s order books. They’re hoping to test if the influx of XRP will increase upward selling pressure.

Currently, XRP is trading at $2.35. This high price point greatly increases the significance of the transfer. As the largely speculative digital asset undergoes significant price volatility, new data shows that larger transactions generally coincide with unexpected price movements.

Adding to the intrigue, XRP’s 24-hour trading volume has surged more than 60%. Market watchers have blamed this increased activity on the influx of both retail and more recently institutional investors. Further increasing this participation is the idea that there is a newfound interest in XRP, whether that’s attributed to recent events or possibly larger market trends.

The movement of such a large amount of XRP to a well-known and highly used exchange like Coinbase can be the first sign of many things. The anonymous wallet could be looking to liquidate the massive holdings, which could put downward pressure on XRP’s price. Or, on the contrary, the transfer may be for institutional trading purposes, to exploit arbitrage opportunities or for portfolio rebalancing.