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A recent update from Whale Alert, a popular blockchain sleuth that monitors large crypto transfers, has revealed that the largest cryptocurrency exchange in the U.S., Coinbase, has been stunned by a massive XRP transaction. Additional on-chain data sheds light on this deposit.
Meanwhile, the XRP price has declined substantially after a recent 9% surge.
30,507,683 XRP lands on Coinbase
The aforementioned data source has spread the word about a substantial XRP chunk of 30,507,683 coins. This amount of crypto was valued at $91,621,219 at the time of the initiated transaction.
According to the comments, many in the XRP community believe that this was a strategic sale made by a crypto whale as XRP has dropped by roughly 1.56% over the past 24 hours. Since Tuesday, the decline has constituted 2.66%. At press time, XRP is changing hands at $3.001 per coin.
A deeper look at this data, with the addition of that shared by XRPscan, shows that, after all, this transaction was an internal one, sent from one Coinbase wallet to another. But Whale Alert only tagged the receiving wallet as Coinbase.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team