$59,925,621 XRP Stuns Coinbase in Minutes, Price in Red

A significant XRP transaction has recently caught the attention of the market, with $59,925,621 worth of XRP transferred to Coinbase in just minutes within a single transaction.

According to blockchain data tracker Whale Alert, “26,671,734 XRP worth $59,925,621 was transferred from unknown wallet to Coinbase.”

Deposits to exchanges might imply an intent to sell, while withdrawals might signify buying; the move might also be a mere reshuffling of funds; however, the exact reason remains unknown.

At press time, XRP price was recording losses, extending its drop into the fourth day since June 9. The drop caused a loss of the daily SMA 50 at $2.28, reaching a low of $2.08 in the early Friday session.

XRP price in red

XRP price is trading in red, down 5.24% in the last 24 hours to $2.13, as the broader crypto market faced intense selling pressure in the early Friday session.

Crypto markets reported significant losses, with over $1.16 billion in liquidations wiping out leveraged positions across major exchanges, marking one of the bloodiest days in recent months.

CoinGlass data suggests 248,624 traders were liquidated in 24 hours. Long traders took the brunt of the losses, accounting for over $1 billion, indicating overly optimistic positioning after a week of bullish sentiment.

Optimism remains

XRP is currently gaining attention for its growing footprint in corporate treasuries. Webus International ($300 million), VivoPower ($121 million) and Wellgistics ($50 million) have together set aside more than $470 million in XRP for their treasury strategy.

The SEC and Ripple have jointly filed a motion to dissolve the injunction in their case and release the $125 million civil penalty. $50 million would go to the SEC, with the remaining $75 million refunded to Ripple based on the proposal. The action aims to resolve remaining appeals in the Second Circuit and prevent extending the matter into another year of judicial battling.