An unmarked address has shifted over 17 million XRP to America’s largest crypto exchange Coinbase, coinciding with a broader market recovery.
Amid the XRP rebound push, a notable whale shift to Coinbase has caught the attention of the crypto community. Whale Alert called attention to this move in an X post today involving what it called an unmarked address and Coinbase.
Transaction Details
Specifically, Whale Alert confirmed that wallet address “rwnYLU,” which it reported as an unknown wallet, moved 17,841,869 XRP, worth $52.68 million, to a Coinbase account “r4sRya” at exactly 10:26 (UTC) on Monday.
Notably, Coinbase’s involvement raises eyebrows, particularly due to recent allegations that the exchange is manipulating XRP price following a 581 million reserve drop.
As a result, The Crypto Basic carried out further on-chain research to provide the fine details of the Monday transaction.
Here’s What We Discovered
Data from XRPScan confirmed that the receiving address was indeed a Coinbase-affiliated account. The platform marked it as “Coinbase (6).” The wallet was activated by another Coinbase address, “Coinbase (2),” in May 2020 and has been a crucial part of the exchange’s on-chain transactions.
However, according to XRPScan, the sending address, which Whale Alert called unknown, also belonged to Coinbase, with the platform marking it as “Coinbase (14).”
The account has been in existence since 2019, after a Binance (2) wallet activated it back then. Moreover, recent activities indicate that it is a receiving address for Coinbase, where exchanges, user wallets, and other trading platforms send money.
As a result, the recent whale movement was merely an internal shuffle from one Coinbase address to another. Exchanges engage in such transactions regularly for several purposes, including providing liquidity during heightened market activity and transferring funds to a secure, self-custody wallet for safekeeping.
XRP Reclaims $3 Amid Broader Market Recovery
Meanwhile, the transaction coincided with a broader market recovery, which saw XRP reclaim the $3 price mark today. The XRPL native token fell below the psychological support zone in late August and has remained there until today.
The 5% rally in the past 24 hours has sparked bullish momentum, with speculations of a sustained northward push making the rounds. Also, an analyst who encouraged market users to buy the dip noted that $2 to $3 is now the new $0.45 to $0.55, insisting that the next bullish run is imminent.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
