Blockchain tracker Whale Alert reported a significant transfer of XRP tokens worth over $63 million to the largest US cryptocurrency exchange – Coinbase.
Fact of XRP Transfer to Coinbase
Whale Alert identified the movement of 29,532,534 XRP tokens valued at $63,810,782 at the time of the transaction. The transaction was initiated by an anonymous digital wallet.
Where the XRP Tokens Came From
Many XRP enthusiasts in the comments speculated that the anonymous investor transferred XRP with the intent to sell. However, data from the Bithomp exploratory resource indicated that this transfer was initiated by Coinbase itself as the exchange rearranged its XRP holdings.
Historical Data on XRP Transfers
On April 14, Whale Alert also spotted a transaction involving an even larger amount – 70,000,000 XRP, worth $150,361,090. According to Bithomp, this transfer occurred between two wallets associated with Ripple, likely constituting an on-demand liquidity (ODL) operation on the Ripple Payments system using XRP.
These recent large XRP transfers highlight market activity and spark discussion about the potential motives of large investors.
