Large money flow tracking crypto agencies have been kept on their feet yesterday. At 9:19 PM UTC, Whale Alert issued a warning on X about a suspicious transfer to Coinbase. Particularly, a large crypto player, popularly referred to as whale, has flushed 26,671,734 Ripple (XRP) tokens to Coinbase.
The largest American crypto platform received over $58 million worth of Ripple coins, stirring huge controversy among market watchers, debating if this is a sign of a broader XRP coin sell-off. DailyCoinโs research team dug into the blockchainโs registry to find out if the sender wallet definitely intended to sell the $58M in XRP.
Coinbase Making Chess Moves On XRP?
Intriguingly, the $58 million that ended up on one of Coinbaseโs hot wallets might be in line with the towering demand for Ripple (XRP) crypto trading on the platform. Hot wallets tend to replicate the broader customer demand, as the digital assets are on-demand, meaning that the balance constantly changes along with trading trends.
In this case, the sender crypto wallet address was identified as a cold wallet, also belonging to Coinbase. Simply put, this is a maintenance move between storage wallets and on-demand wallets, so no sell-off implications could be made. On the contrary, the $58M XRP move responds to the adoption progress of Ripple (XRP).
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People Also Ask:
A โwhaleโ holds tons of crypto, and this $58M XRP transfer to Coinbase could mean a sell-off. Itโs got folks nervous since big moves can shake prices.
Chill, itโs not a sell-offโDailyCoinโs team found Coinbase moved the XRP to meet customer demand. XRPโs holding at $2.16, so no panic, but keep an eye on market trends.
DailyCoinโs blockchain sleuths say Coinbase shifted the XRP to handle user demand, not to dump it. Could be users HODLing or trading, but itโs not a bearish play.
Maybe, as Rippleโs legal fight keeps XRP spicy. But these findings point to Coinbaseโs customer-driven move, not a legal or whale sell-off, so donโt FOMO into worry.
Donโt FOMO or panicโcryptoโs volatile, and big transfers donโt always tank prices. Do your research (DYOR), keep calm, and check X for latest community updates.
