An unmarked crypto wallet has recently transferred over 17 million XRP to Coinbase, the largest cryptocurrency exchange in the United States, amid signs of a market recovery. This notable transaction, which has fizzled interest among the crypto community, was highlighted by Whale Alert, a prominent tracking service.
On Monday at 10:26 UTC, a wallet identified by Whale Alert as “rwnYLU,” which remains unidentified in terms of ownership, sent 17,841,869 XRP—a transaction valued at approximately $52.68 million—to a Coinbase-affiliated account labeled “r4sRya.” This movement of funds has raised questions, especially against a backdrop of allegations suggesting that Coinbase may be manipulating XRP prices after a significant drop in its reserves.
In the spirit of transparency, The Crypto Basic conducted detailed on-chain research to elucidate the intricacies of this transaction. Data sourced from XRPScan confirmed that the receiving wallet is indeed associated with Coinbase, marked as “Coinbase (6).” This particular address has been involved in XRP transactions since it was activated by another Coinbase address back in May 2020.
Interestingly, XRPScan also indicated that the sending wallet, identified by Whale Alert as unknown, is also linked to Coinbase and is marked “Coinbase (14).” This account has been operational since 2019, having been activated by a Binance wallet at that time. The metrics reflect that the sending wallet functions primarily as a receiving address for transfers from other exchanges, user wallets, or trading platforms.
This recent movement appears to be a routine internal transaction within Coinbase, a common practice for exchanges to manage liquidity during periods of heightened market activity or for securing funds in self-custody wallets.
Simultaneously, this sizeable transaction coincided with a broader recovery in the crypto market, which saw XRP rebound to the $3 price mark. Following a decline below this significant psychological level in late August, XRP gained 5% in the last 24 hours, rekindling bullish sentiment and speculation around potential upward momentum.
Analysts have drawn comparisons between current price levels and previous historical supports, asserting that the $2 to $3 range is the new pivotal zone, likening it to the earlier support between $0.45 to $0.55. Market observers are now optimistic that a surge in prices could be on the imminent horizon.
As developments continue to unfold, participants in the crypto space are reminded to exercise caution and conduct thorough research before making any investment decisions, particularly in a landscape as dynamic as cryptocurrency trading.
