Recent movements of XRP by large holders have caused concern in the market. Many participants began to speculate that these actions might indicate a selling attempt by major investors.
Massive XRP Transfer to Coinbase
The tracking platform Whale Alert recorded a massive transfer of 25,498,179 XRP on July 3rd. This transfer, valued at approximately $57.8 million, was sent to the largest U.S. exchange, Coinbase. The operation raised concerns among market participants, as it could signal a sale by a large investor.
Not a Sell-off, but Redistribution
However, according to recent data from XRPwallets, this large transfer is not a selling attempt but an internal redistribution of XRP tokens within Coinbase. This is the third significant transfer made by the exchange in under two weeks, with several sub-wallets receiving a consistent 3.88 million XRP each.
Market Speculation and Manipulation Accusations
Despite the redistribution of assets by Coinbase sparking speculation in the market, experts believe that it will not have a direct impact on the current XRP price. Such maneuvers by major exchanges may be related to the need for liquidity provisioning and on-demand operations for institutional clients.
Thus, the recent XRP movements are based on internal operations by Coinbase, which may alleviate concerns about potential market manipulation. Nevertheless, monitoring such transfers remains crucial for understanding the dynamics of the cryptocurrency space.
