Large XRP Dump on the way? 29 million tokens sent to Coinbase

A gigantic XRP transaction towards Coinbase has put the crypto community in turmoil. No less than 29.5 million XRP, worth around $ 75.38 million, was suddenly moved to the American stock exchange. Whalealert managed to spot the transaction: from a mysterious wallet (“R9ZMD”) and arrived at a Coinbase address (“R4SR”).

The transaction of course immediately raises questions. Is there a large sales wave about to burst? Or is there simply an internal shift without a market impact?

XRP sell-off?

When a huge amount of tokens is sent to an exchange, alarm bells often go off. The first thing people think of is a possible sell-off, which can lead to falling rates. Given the large volume that Whales play with, this can have a significant impact on the market.

But there is also another possibility: the XRP transaction can simply also be an internal transfer. Stock markets regularly move assets between wallets to optimize liquidity or for other operational reasons. In that case, the transaction has little impact on trading activity.

The recent hack of Crypto Exchange Bybit could play a role. The stolen funds have again emphasized how crucial security is for trading platforms. Coinbase may have carried out this large transaction as a precautionary measure, for example to redistribute assets more safely or to optimize liquidity. But without an official statement it will continue to speculate.

XRP course is pulled down

Whatever the reason, the movement of millions of dollars always causes speculation. The XRP price fell by around 4%after the news, although it does not seem to have to do with the transaction. Almost the entire cryptomarkt turns red today. Bitcoin (BTC) is more than 1% lower than yesterday and Ethereum (ETH) records a loss of more than 5%. Solana (SOL) catches heavy blows with a decrease of almost 10%.

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