- 16,483,919 XRP transfer to Coinbase sparks speculation and intrigue
- Coinbase XRP reserves decline sharply with only four cold wallets remaining
- XRP redistribution continues as Coinbase reorganizes cold wallet holdings
Whale Alert, a leading blockchain tracker, flagged a significant transfer of 16,483,919 XRP, worth over $50 million, to Coinbase, one of the largest cryptocurrency exchanges in the U.S. This massive move has sparked curiosity and speculation about what exactly is happening behind the scenes at Coinbase.
The timing of this transaction, coming shortly after the Fed’s decision to cut interest rates, has caught the attention of the crypto community. While some are wondering if the two events are connected, the key focus is on the movement of such a large amount of XRP into Coinbase’s system.
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Coinbase Cold Wallets and Asset Redistribution
Recent updates from XRP_Liquidity (@XRPwallets) reveal a significant shift in Coinbase’s XRP holdings. The exchange now has only 4 active cold wallets, each holding approximately 16.4 million XRP.
This is a stark contrast to earlier in the year when Coinbase managed 52 cold wallets, with 10 holding 26.8 million XRP each, and the remaining wallets holding 16.8 million XRP.
As a result of this shift, there’s increased speculation on whether the XRP from these previous wallets is being redistributed or moved to other wallets. According to XRP_Liquidity, new subwallets have been created, and XRP has been added to them.
This could indicate that Coinbase is reorganizing its XRP holdings, possibly in preparation for upcoming market events, such as potential ETF developments or other significant moves in the crypto space.
The transfer of 16,483,919 XRP to Coinbase has raised questions about the exchange’s strategy and its management of XRP reserves. With the reduction in the number of cold wallets and Coinbase’s XRP holdings at their lowest in years, this move is a key focal point for the crypto community.
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