Coinbase receives 16.7 million XRP with one huge deposit

A major XRP transaction took place on Monday, with 16,698,207 tokens (worth approximately $53.16 million) moving this morning on a single move to Coinbase. Alerts from whale alerts were quickly circulated, with many initially assuming that major external holders had transferred funds into exchange.

However, on-chain data later revealed that the transfer was internal. XRP was transferred from one Coinbase cold wallet labeled “197” by tracking the service to one with another label labeled “Cold Wallet 6”.

Both wallets are part of the exchange’s deep reserves, usually holding around 16.5 million XRP each. Because such wallets are still active, this transaction represents only a small portion of Coinbase’s total XRP holdings.

Large influx into exchanges often raises doubt about the possible market impact, but in this case internal relocation is more indicative of operational remodeling or security controls.

Nevertheless, the enormous size of the transfer means it remains on the radar of the XRP community, closely monitoring important ledger activities.

XRP price reaction

At the market level, XRP trades at around $3.18, with little response to the news. Prices have been in a narrow range since late July, with $3.30 serving as a clear point of resistance. Breaking through this level will result in the doors being $3.50, potentially $3.70, but otherwise the current sideways trends could continue as they are.

As Coinbase still manages over 20 high-balanced wallets, it is likely that similar transfers will reappear, causing another round of speculation each time about whether it is simply an internal accounting measure or the start of something bigger.