A recent move of a significant volume of XRP by Coinbase has drawn attention from traders following the resolution of Ripple's legal situation.
XRP Transfer from Coinbase
Cryptocurrency exchange Coinbase moved 16,684,298 XRP valued at $55.46 million shortly after the resolution of Ripple's legal dispute with the U.S. Securities and Exchange Commission (SEC). The transfer was noted by Whale Alert on X and characterized as a movement from an unknown wallet to Coinbase. XRP_Liquidity later clarified that the transfer was internal, between Coinbase's cold wallet and an operational address, leaving 29 cold wallets with approximately 16.5 million XRP each.
Market Reaction and XRP Price
The transfer was noted in the early hours of August 8, less than 24 hours after Ripple and the SEC settled their appeals in the Second Circuit. This final ruling confirmed the findings of Judge Analisa Torres, who stated that sales of XRP to institutional purchasers were unregistered securities sales, but that sales on exchanges and to retail purchasers were not. XRP's market price reacted positively to the legal resolution, reaching $3.38, its highest level since late July.
Trading Activity Outlook
Analysts suggest that regulatory clarity and new liquidity could boost short-term interest in XRP. Coinbase's asset reallocation indicates its readiness to accommodate potential surges in trading activity from both institutional and retail clients. The XRP community and the broader market are closely monitoring the post-settlement period to see if it will contribute to continued price rises.
The transfer of XRP by Coinbase following the conclusion of Ripple's legal dispute with the SEC highlights market dynamics and the significance of liquidity for short-term trading opportunities.
