Blockchain monitoring firm Whale Alert has identified a massive transfer of 26,671,734 XRP ($58,002,329) into leading U.S.-based crypto exchange Coinbase on June 19.
XRP has remained in the spotlight in recent days due to its ongoing legal battle with the SEC and the recent launch of an XRP ETF in North America.
As such, the large XRP transfer today has sparked debates. Significant crypto transfers to exchanges like Coinbase are often seen as a sign that a whale may be preparing to sell off assets.
XRP whale activity sparks concerns
The massive XRP transfer comes after a period of high volatility in the broader crypto market, with prices of leading cryptocurrencies dropping to unexpected lows.
Although the market has begun to show slight signs of recovery, the large transfer has raised concerns among investors. Given the market’s current fragile state, both retail and institutional players are closely watching on-chain movements.
According to Whale Alert, the massive XRP transfer was executed by an unknown wallet address in a single transaction, suggesting a possible sell-off attempt.
Notably, the multi-million-dollar XRP transfer, which occurred during the late hours of the day, has stirred concern within the XRP community, especially since the motive behind the move remains unclear.
Following the transfer, XRP has continued to show signs of weakness, with both whales and retail holders potentially offloading their tokens. Over the past 24 hours, CoinMarketCap data indicates that XRP experienced a 0.36% price drop, following heavier losses seen the previous day.
As of press time, XRP is trading at $2.16, with a notable 36.57% decrease in its overall trading volume from the day before.
While the move aligns with the broader downtrend in the crypto market, investors are left wondering whether this transfer will lead to a sharper price decline or set the stage for a possible rebound.