A major XRP transaction caught the attention of traders after 26,671,734 XRP, valued at approximately $59.9 million, was transferred to Coinbase. Blockchain monitoring service Whale Alert confirmed the movement, which originated from an unidentified wallet and was completed within minutes.
The transfer happened at a time when XRP was already experiencing significant market pressure. Since June 9, the token has recorded four straight days of losses, with its price dropping below the daily simple moving average of $2.28.
At the time of writing, XRP fell to as low as $2.08 earlier in the day, but it is currently trading at $2.13, having lost 5.24% over the last 24 hours.
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Amid the broader market downturn, over 248,624 traders were affected as more than $1.16 billion in leveraged positions were liquidated within 24 hours. CoinGlass data show that long traders took over 1 billion of these losses, showing excessively bullish positioning across the board.
Legal Resolution Progresses as XRP Faces Market Pressure
While prices remain volatile, Ripple has taken a step toward resolving its legal battle with the U.S. Securities and Exchange Commission. A joint motion has been filed to dissolve a long-standing injunction and settle a $125 million civil penalty.
As proposed, $50 million would go to the SEC, and Ripple would be refunded $75 million. The filing aims to end the dispute without extending the case into further appeals.
Meanwhile, XRP continues to attract significant interest from corporate investors. Webus International, VivoPower, and Wellgistics are some of the companies that have invested over 470 million XRP in their treasury plans.
Such investments indicate an increasing belief among institutional platforms in the long-term potential of XRP.
This notwithstanding, its recent transfer to Coinbase has brought up speculation. Some consider it to be a step to a big sale, whereas others consider that it might be internal fund management. The transfer has not been officially explained, and it is unknown who owns the wallet.
As the price of XRP is facing downward pressure and legal risks are about to be resolved, the transfer of 59.9 million to Coinbase is quite timely. The market participants will be observant to ascertain whether this is part of a bigger change or a single occurrence.
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