• Ripple transfers 46,019,328 XRP coins worth over $101 million to Binance.

• This comes despite the US-listed XRP ETF seeing $50.27 million in inflows, with AUM surpassing $906 million.

• XRP price slips 2%, but analysts claim the crypto asset could rally if it breaks above $2.28.

On Thursday, Ripple made headlines by transferring a whopping 46,019,328 XRP coins, which equates to over $101 million, to a wallet that is linked to the prominent crypto exchange Binance. This transaction is particularly noteworthy given the recent buzz surrounding spot ETFs and bullish predictions for XRP’s price from seasoned analysts like Peter Brandt and Ali Martinez.

According to Whale Alert, the significant transfer initiated from Ripple’s address (50) to the recipient wallet—designated as “rnU65s”—holds an impressive market value of $101.40 million at current prices.

Following this, another identical amount was shifted from the “rnU65s” wallet to a wallet associated with Binance (10). This two-part transaction suggests strategic maneuvering by Ripple, which could be viewed as a reaction to ongoing developments in the crypto ecosystem.

Despite the bullish backdrop of spot XRP ETFs making waves within the crypto community, with the US-listed XRP ETF reporting net inflows of $50.27 million, the market sentiment appears to be slightly mixed. Grayscale’s GXRP notably led the charge with $39.26 million in inflows, complemented by Franklin’s XRPZ and Bitwise XRP ETF contributing additional positive figures.

These inflows have contributed to the total assets under management surpassing $906 million, bolstered by waivers on certain fees by ETF issuers. However, Ripple’s recent XRP transfer to Binance hints at a more cautious sentiment in the market, even amidst positive ETF developments.

Analyzing on-chain data reveals further nuances; the XRP Whale Flow 30-day moving average remains in negative territory despite a noticeable uptick in recent economic activities and transactions on the XRP Ledger (XRPL). This could indicate a hesitance among major players, reflecting broader market uncertainty.

In the aftermath of the transfer, XRP’s price has experienced slight fluctuations, dipping by over 1.70% in recent hours. Currently trading at approximately $2.17, the cryptocurrency has seen intraday lows and highs around $2.15 and $2.21, respectively. Compounding this adjustment, trading volume has decreased significantly—more than 30% in the past 24 hours—suggesting waning interest among traders and investors.

Crypto analyst Ali Martinez has pointed to a descending channel that XRP has been following since October, suggesting potential resistance levels. Excitingly, if XRP can break past the critical resistance level at $2.28, it may have the momentum to rally all the way to $2.75, a target that many are watching closely.