Ripple Transfers ₱6.5 billion ($108 million) in XRP to Coinbase
Ripple moved 75 million XRP to Coinbase in a transaction worth ₱6.5 billion ($108 million). The transfer suggests market depth management to support institutional fund orders rather than a sell-off.
Key Takeaway
Ripple's ₱6.5 billion ($108 million) Coinbase transfer signals institutional liquidity prep, not panic selling.
Ripple transferred 75 million XRP tokens to Coinbase in a transaction worth ₱6.5 billion ($108 million), according to blockchain tracking services Whale Alert and XRPWallets. The transfer routed through multiple Ripple sub-wallets between April 20 and early April 21.
At the time, XRP traded at $1.44, with analysts calling for caution before jumping to sell-off conclusions. Large transfers like this reflect market depth management to avoid price gaps during institutional fund orders, supporting Ripple's updated business model.
Ripple holds over 50 billion XRP in reserves, making the 75 million token transfer a small fraction of its total holdings. Coinbase frequently serves as a distribution hub for XRP into On-Demand Liquidity corridors and acts as custodian in spot XRP ETFs.
Ripple CEO Brad Garlinghouse said in a recent Crypto In One Minute episode that prime brokers are essential for institutions navigating DeFi. The company acquired Hidden Road, a prime brokerage firm, to bridge traditional and blockchain-based financial systems.
MicroStrategy grabbed headlines in April with ₱216.65 billion ($3.6 billion) in Bitcoin gains, achieving a 6.2% BTC yield and accumulating 47,078 BTC over three weeks. Shiba Inu saw bullish momentum in April after exchange net outflows hit 505 billion SHIB over 24 hours. The fixed supply ASTEROID token launched on Ethereum with 420.69 billion tokens, riding viral momentum from the Asteroid Shiba plush that flew on SpaceX's 2024 Polaris Dawn mission.
This article was written based on reporting from U.Today.
