XRP is experiencing market volatility following a substantial transfer of 53 million tokens, valued at approximately $118 million, to Coinbase. This move has sparked concerns of a potential sell-off, coinciding with a 7% drop in XRP's price, which is currently around the $2.04 support level. The market is heavily skewed towards short positions, with traders betting against a breakout. At the time of reporting, XRP is trading at $2.13, down 2.65% over the past 24 hours, with trading volume surging by 75%. The altcoin is testing the 200-day EMA at $2.08, and while the overall trend remains bullish, the market structure is fragile. A drop below $2.00 could lead to a further decline to $1.74, while a bullish reversal might propel XRP to $2.60.