After a prolonged and significant correction in the crypto market, XRP has experienced a notable turnaround, moving into positive territory after several weeks of consistent lows. This shift in market sentiment has coincided with a substantial XRP transfer that has garnered attention. On Monday, November 24, the blockchain tracking service, Whale Alert, reported a massive transfer of 33,647,358 XRP to Coinbase, a leading U.S. cryptocurrency exchange. This large amount of Ripple-associated tokens, valued at over $70.8 million, was sent from an unknown wallet to Coinbase in less than a minute.

The singular transaction has sparked considerable discussion among market participants regarding its purpose. While large XRP transfers to exchanges are not uncommon, the timing and nature of this particular move have raised eyebrows. Typically, significant crypto deposits to exchanges are often interpreted as an intention to sell off tokens. However, this transfer of millions of XRP tokens landed on Coinbase precisely as a broader positive shift began to emerge across the cryptocurrency market.

Like other major cryptocurrencies, XRP is finally breaking its multi-week slump, exhibiting a sharp price resurgence. The asset notably posted gains of over 5% on the day, despite having traded in the red earlier. Consequently, the observed transfer has led the crypto community to speculate whether large investors (whales) are still bearish on the asset, or if they are simply realizing profits after the considerable losses incurred in previous weeks.

Adding to the market's buzz, two new XRP Exchange Traded Funds (ETFs), the Franklin Templeton XRP ETF and the Grayscale XRP ETF, officially went live earlier on the same day. While the exact cause of XRP's sudden resurgence remains under scrutiny, these consecutive ETF launches appear to have played a significant role in triggering the reversals, injecting renewed optimism into the market. As of the time of writing, XRP is trading at $2.20, reflecting a 24-hour increase of over 7%, according to CoinMarketCap data.