A high-stakes move by a major XRP holder has ignited fresh concerns across the crypto market, as over 53 million XRP were transferred to Coinbase just days before a pivotal court deadline in the protracted legal showdown between Ripple Labs and the U.S. Securities and Exchange Commission (SEC).
On June 5, blockchain monitoring service Whale Alert flagged two identical transactions moving 26,671,734 XRP each, valued at approximately $117.9 million, sent from an unidentified wallet to Coinbase.
The timing has raised eyebrows among market participants, especially with the June 16 court deadline for re-filing an injunction motion rapidly approaching.
Market Readiness or Legal Uncertainty?
Large-scale token movements to centralized exchanges like Coinbase often foreshadow sell-offs, particularly when tied to legal uncertainty. Analysts speculate that the wallet holder may be positioning to offload XRP in anticipation of negative legal developments or further procedural delays.
“The transfer likely reflects a cautious or bearish sentiment regarding the SEC case,” said independent analyst James Harrow in a comment shared with 36crypto. “Institutional players typically don’t move this size of capital unless they foresee short-term volatility or downside risk.”
Also Read: 10,000 XRP May Soon Cost $1M as Expert Warns Investors Time Is Running Out
The transaction comes during a fragile period for XRP’s market dynamics. While the token has shown relative strength over the past quarter, the unresolved litigation continues to cloud long-term sentiment.
At the time of writing, XRP is trading at $2.12, down about 2.85% over the last 24 hours, according to data from Coinmarketcap. The price decline appears to mirror the broader caution in the XRP market triggered by the whale transaction and unresolved court matters.
🚨 🚨 🚨 26,671,734 #XRP (58,965,927 USD) transferred from unknown wallet to #Coinbasehttps://t.co/SMm6RBZpwF
— Whale Alert (@whale_alert) June 5, 2025
SEC Pushes Back on Evidence Filing as Legal Clock Ticks
In a parallel development, the SEC has filed a formal objection against a motion introduced by Justin Keener, a nonparty seeking to submit additional evidence to the court.
The Commission argues that the court lacks jurisdiction to review Keener’s emergency filing and insists that any materials he holds should be privately shared with Ripple’s legal team, not presented in court filings.
This isn’t the first time new evidence has caused legal friction in the case. A previous motion requesting similar evidentiary inclusion remains unresolved, further complicating the already tangled litigation.
The SEC’s pushback signals that the Commission remains unwilling to allow external interference, especially from parties it considers irrelevant to the core dispute. This maneuver may delay proceedings even further, despite the upcoming deadline.
Rumors of Secret Settlement Gain Traction
Amid the courtroom drama, speculation is mounting across social media platforms about a possible behind-the-scenes settlement.
Influential XRP community voice “The Real Remi Relief” posted a cryptic message implying that Ripple, the SEC, and the presiding judge may have already reached a private agreement, with an announcement possibly coming on Friday, June 13.
While there is no official confirmation to support the rumor, it has nonetheless sparked widespread chatter among XRP holders, many of whom are desperate for closure after more than three years of litigation.
Notably, a previous settlement proposal involving a $50 million fine and $75 million in XRP refunds was rejected earlier this year, reportedly due to concerns over regulatory precedent and accountability.
Ripple CEO Brad Garlinghouse has remained publicly optimistic, stating in a recent Bloomberg interview that the company is committed to fighting for a favorable resolution.
“We’re confident in our legal position and hopeful that the court will recognize the broader implications of this case for the entire industry,” Garlinghouse said.
Whale Activity Adds to Growing Uncertainty
The timing of the $117.9 million XRP transfer couldn’t be more critical. With the June 16 court deadline looming and rumors of a confidential settlement spreading, traders are preparing for volatile price action, in either direction.
While some view the whale’s move as a strategic hedge, others worry it may trigger further declines, especially if additional large holders follow suit.
Technical analysts point to $2.10 as a key support level, with a potential breakdown risking a slide toward the $1.85 range. Conversely, a positive legal update could push XRP back above $2.40, reinforcing its recent upward momentum.
Final Thoughts
As Ripple and the SEC inch toward another courtroom deadline, the XRP ecosystem remains on edge. Between whale transactions, legal maneuvering, and settlement rumors, the next 10 days could prove decisive not only for Ripple but for the broader regulatory landscape of digital assets in the United States.
Market participants are advised to monitor on-chain activity and official court filings closely, as any verified development could shift sentiment rapidly, potentially triggering a cascade of buying or selling pressure.
For now, caution remains the dominant theme in the XRP market, with every wallet movement and courtroom filing under microscopic scrutiny.
Also Read: Coinbase Issues Important Announcement for XRP and DOGE Traders
