The recent transfer of 16.59 million XRP to Coinbase, valued at over $50 million, has sparked discussions among crypto analysts.
XRP Transfer to Coinbase
The transfer was reported by Whale Alert, noting the movement of tokens from an unknown address to one of the largest cryptocurrency exchanges. While such a maneuver might seem routine, its scale invites curiosity against the backdrop of previous transactions.
XRP Wallet Statistics
Researchers recently uncovered a network of 52 cold wallets associated with Coinbase, where ten held approximately 26.8 million XRP each, while the other 42 contained around 16.8 million. This cluster of tokens totals nearly a billion XRP. As of September, the number of wallets fitting this profile decreased to 23, and the total balance dropped to 379.5 million XRP, over 60% lower.
Unclear Directions of Token Movement
The reduction in the total balance of XRP in Coinbase’s cold wallets raises numerous questions. It's uncertain whether the tokens have been shuffled to new wallets, passed to third-party custodians, or withdrawn by large clients. Moreover, XRP's price has been fluctuating, slipping below $3 again after a brief rise.
The ongoing developments surrounding XRP on Coinbase highlight the uncertainty and interactions between major token holders, creating expectations for potential market changes.
