XRP Transfer Shakes Coinbase Wallets with $53M Move

XRP recently made headlines after a staggering internal wallet transaction was discovered on Coinbase, drawing attention across the cryptocurrency space. The noteworthy transfer involved nearly 16.7 million XRP tokens—valued at approximately $53.16 million—migrating between wallets associated with the U.S.-based crypto exchange.

Initially, the XRP community and blockchain observers thought an external whale had initiated a massive deposit into Coinbase. However, deeper examination of on-chain data revealed that the funds moved internally within the platform’s own cold wallets. Specifically, XRP was transferred from a cold wallet labeled “197” to another internal wallet, “Cold Wallet 6,” both under Coinbase’s control.

This movement was captured by Whale Alert, a well-known crypto transaction monitoring service. Given the size of the transaction, speculation quickly ramped up before the true nature of the internal reshuffling became clear.

Coinbase manages a large web of cold wallets for its digital asset holdings, and XRP is no exception. According to data, each of these wallets often holds about 16.5 million XRP. With 27 such wallets in continued use, this particular transaction represents only a portion of Coinbase’s total XRP reserves.

Although the internal nature of this transfer confirms that it wasn’t a market-driven selling move, it still sparked significant discussion. In the crypto world, large token movements to an exchange often indicate either a liquidation opportunity or operational activity, thus fueling speculation. Even as no market activity followed immediately, the event stayed on the radar, especially among XRP investors.

At the time of the wallet transfer, XRP was hovering around $3.18 on the market, showing no significant reaction to the news. The asset has remained in a tight trading range since late July, with $3.30 acting as a firm resistance point. Should XRP manage to break past this level, the next potential targets could be around $3.50 and $3.70. However, without upward momentum, the token may continue to range sideways.

Such internal fund movements are commonly part of large exchanges’ operational security procedures. They help in reorganizing reserves, minimizing risk, and optimizing asset management. Coinbase has reinforced its reputation in the crypto arena by securing assets using several cold wallets, bringing transparency to its infrastructure and bolstering user confidence.

Nonetheless, in a blockchain environment where every movement is traceable, high-value XRP transfers—even if internal—can draw community speculation. With Coinbase’s extensive wallet management practices in place, more of these transactions are expected, possibly prompting similar intrigue in the future.

Related: XRP Price: $12M Max Pain for Bears

The XRP ecosystem remains actively watched as it continues to evolve in both utility and liquidity on major platforms such as Coinbase. Each large-scale movement contributes to a wider narrative around Ripple, the company behind XRP, and its integrations with prominent exchanges and institutions.