Massive $58 Million XRP Transfer Sent to Coinbase

According to Whale Alert data, $58 million worth of XRP tokens was recently transferred from an unknown wallet to Coinbase.

This is the first major transfer recorded by the popular wallet tracking service since June 12. On that day, as much as $60 million worth of Ripple-linked tokens was sent to the largest US exchange.

As reported by U.Today, Ripple also made a $498 million XRP transfer on June 6. The timing of the transaction raised some suspicion since it was already too late for the company’s regular escrow moves.

XRP, one of the leading altcoins, is currently changing hands at $2.16 with a market cap of $127 billion. It has declined by 0.3% over the past 24 hours.

The cryptocurrency recently reappeared in the spotlight after multiple micro-cap companies moved to set up XRP-based treasury plans. It remains to be seen whether corporate XRP adoption will manage to gain enough traction.

Moreover, Ripple CEO Brad Garlinghouse recently made headlines after stating that the XRP token could potentially secure a 14% share of the cross-border payment volume of SWIFT, a widely used interbank messaging platform.