A recent transfer of a significant amount of XRP to Coinbase has drawn traders' attention amid market pressures. We explore the details of this event and its implications.
XRP Transfer and Its Implications
Blockchain monitoring service Whale Alert reported the transfer of 26,671,734 XRP, valued at approximately $59.9 million, to Coinbase. The transfer originated from an unidentified wallet and was completed within minutes.
Current Situation in the XRP Market
With XRP experiencing significant market pressure, the token recorded four straight days of losses since June 9, dropping below the daily simple moving average of $2.28 and falling to as low as $2.08. At the time of writing, XRP is trading at $2.13, having lost 5.24% over the last 24 hours.
Legal Aspects and Ripple’s Outlook
Ripple has taken a step toward resolving its legal battle with the U.S. Securities and Exchange Commission by filing a joint motion to dissolve a long-standing injunction and settle a $125 million civil penalty. Of this, $50 million would go to the SEC, and Ripple would be refunded $75 million.
The transfer of XRP to Coinbase has attracted attention amid market pressure and Ripple's legal issues. Market participants will be observant of further developments to understand the reasons behind this transfer.
