According to Whale Alert data, an unidentified wallet transferred around $58 million worth of XRP coins to the American cryptocurrency exchange, Coinbase.
This substantial transfer marks the first major transaction reported by the popular wallet tracking service since June 12, emphasizing the ongoing interest in XRP flows toward Coinbase.
Significant XRP Movements Stir Curiosity
The latest transfer identified by Whale Alert has drawn renewed attention to XRP in the cryptocurrency market. The transaction was executed from an anonymous source directly into Coinbase’s exchange wallet. The volume of the transfer highlights the significance of this single transaction.
The transaction brings to mind previous similar large-scale transfers. Just three days prior, on June 12, another $60 million worth of XRP was sent to Coinbase. These consecutive high-volume inflows illustrate Coinbase’s role in XRP liquidity.
Ripple
Ripple itself also recently executed a notable transaction. Data indicates that on June 6, Ripple transferred a total of $498 million worth of XRP. The timing of this transaction raised some questions as it occurred outside of the usual schedule for the company’s standard escrow movements.
Corporate Interest in XRP and SWIFT’s Target
XRP has been in the spotlight recently due to another development. Several smaller companies have started implementing systems based on XRP to manage their treasury plans. The decision to use this altcoin for treasury management points to the potential for XRP’s acceptance in the corporate domain. However, the extent of this adoption and its success remain unclear.
Ripple CEO Brad Garlinghouse also made headlines with a bold statement about the future of the coin. Garlinghouse highlighted the potential for XRP to capture a 14% share of the cross-border payment volume, which is typically conducted via SWIFT, the widely used messaging platform among banks. This statement increased expectations for XRP’s expanded role in global payment systems.
