On Monday, a significant transfer of XRP tokens took place on Coinbase. This article examines the details of this transaction, its impact on XRP's price, and the general market situation.
Transaction Details
The transaction that took place on Monday involved 16,698,207 XRP tokens, equivalent to approximately $53.16 million. Initially, this transfer was perceived as feedback from a major external holder transferring funds to the Coinbase exchange. However, chain data later revealed that the transfer was internal — XRP were moved from one Coinbase cold wallet to another.
XRP Price Reaction
In the market, XRP is trading at around $3.18 and shows little reaction to this news. The price has remained within a narrow range since late July, with $3.30 acting as a clear resistance point. Breaking through this level could open the door to $3.50 and potentially $3.70, while failing to do so would likely keep the current sideways trend intact.
Market Impact
Despite the large volume of the transfer, the internal nature of the transaction is more indicative of operational reshuffling or security management. While large inflows to exchanges often raise questions about possible market impact, in this case, they are part of Coinbase's normal operations, suggesting that similar transfers are likely to reappear in the future.
The large XRP transaction on Coinbase, despite its scale, had no noticeable impact on the token's price. The exchange's internal asset management mechanisms are unlikely to affect the market, yet investor interest in such events will undoubtedly remain high.
