- Anonymous 16.7M XRP transfer fuels concerns over Coinbase reserves.
- Coinbase’s XRP holdings drop sharply amid repeated large transactions.
- Internal wallet reshuffles raise speculation about exchange’s strategic moves.
Coinbase is under the spotlight after a major XRP transaction stirred debate within the crypto community. According to data from “XRPWallets,” an anonymous address transferred exactly 16,712,632 XRP, valued at about $51.8 million, into a Coinbase-linked wallet earlier today.
The figure reflects a number of recent large transactions, all of which are the same amount, and has given rise to speculation on how the exchange is managing its XRP reserves.
This movement aligns with a wider trend that has been occurring since June. XRPWallets found 52 Coinbase-associated cold wallets at the time. There were 10 wallets with approximately 26.8 million XRP and 42 wallets with approximately 16.8 million XRP, for a total of about 974 million XRP.
These holdings had a clear structure that enabled analysts to follow movements.
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Publicly Tracked Holdings See Steep Decline
Fresh data now shows only 23 wallets matching the earlier recognizable pattern. These wallets contain approximately 16.5 million XRP each, with a total of about 379.5 million XRP.
This represents a drop of 594 million XRP from June’s total and a reduction of more than 60 percent in publicly visible reserves.
The new transfer of 16,712,632 XRP fits right into the pattern of the repetitive slice size of the previous transfers. Analysts say this may be internal wallet rebalancing, transfers to custodial partners, or withdrawals by large institutional customers.
Nevertheless, the fact that Coinbase gave no official statement gives way to speculation.
On-Chain Data Confirms Reserve Cuts
According to the latest on-chain data, Coinbase’s XRP holdings have fallen by 57.4 percent since early June. The total dropped from nearly one billion XRP across 52 cold wallets to roughly half that figure.
Currently, there are ten wallets that contain about 26.8 million XRP and 42 wallets containing about 16.8 million XRP. In one recent internal transfer, 16.69 million XRP, worth about $54.83 million, moved from Coinbase Cold Wallet 155 to Coinbase Cold Wallet 10. Such a transaction, as well as others, does not seem hasty but measured, as the amounts are regular and the time is chosen.
Other observers think that the transfers may be through subwallets associated with the Bitstamp, BitGo, or Ripple On-Demand Liquidity network. Others cite the possibility of restructuring reserves to enhance the accessibility of the assets and respond to market changes.
The consistency of Coinbase XRP transfers and the sharp decline in recognizable reserves have raised concerns among traders. Until Coinbase addresses the movements directly, the debate over their purpose is likely to continue.
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