Coinbase’s Internal XRP Transfer Sparks Market Speculation

A significant XRP transaction involving a whopping $63 million has sparked considerable discussion in the crypto community. Whale Alert reported the transfer to Coinbase, raising concerns about potential large-scale sales by a whale. However, on-chain analysis from Bithomp sheds new light on the matter. This report reveals that Coinbase executed the transfer internally, not receiving funds externally, suggesting the movement was for internal operations rather than an impending market sell-off. 29,532,534 XRP tokens were transferred to Coinbase in a single transaction, bringing fresh questions about whale behavior.