According to Whale Alert data, $58 million worth of XRP tokens was recently transferred from an unknown wallet to Coinbase.
This is the first major transfer recorded by the popular wallet tracking service since June 12. On that day, as much as $60 million worth of Ripple-linked tokens was sent to the largest U.S. exchange.
As reported by U.Today, Ripple also made a $498 million XRP transfer on June 6. The timing of the transaction raised some suspicion since it was already too late for the company’s regular escrow moves.
XRP, one of the leading altcoins, is currently changing hands at $2.16 with a market cap of $127 billion. It has declined by 0.3% over the past 24 hours. The token is up by only a modest 3% on a year-to-date basis.
The cryptocurrency recently reappeared in the spotlight after multiple micro-cap companies moved to set up XRP-based treasury plans. It remains to be seen whether corporate XRP adoption will manage to gain enough traction. There are some concerns that these treasury plans are merely gimmicks that are meant to pump up the stocks of these microcaps.
Moreover, Ripple CEO Brad Garlinghouse recently made headlines after stating that the XRP token could potentially secure a 14% share of the cross-border payment volume of SWIFT, a widely used interbank messaging platform.
Of course, the ongoing ETF buzz presents yet another bullish case for the XRP cryptocurrency. Plenty of issuers, including Franklin Templeton, are vying to launch spot-based products based on the popular altcoin, but their approval is expected to happen only in late 2025.