Unknown Whale Deposits 29,532,534 XRP to Coinbase: Details

An unknown crypto whale has transferred over 29 million XRP coins to a blockchain address affiliated with U.S.-based exchange, Coinbase.  According to data from Whale Alert, the user initiated the transaction today at 12:12 p.m. (UTC), transferring 29,532,534 (29.53 million) XRP from an unlabeled address to a Coinbase deposit address, ‘rUj…8Ln.’  The dollar equivalent of the transaction is $63.81 million, indicating that XRP was priced at around $2.16 at the time of the transfer.  https://twitter.com/whale_alert/status/1912117036357910745 Sender’s Identity Although Whale Alert claims that the sender's identity is unknown, on-chain data suggests that the transaction was an internal transfer between two Coinbase wallets.  Such transactions are common among exchanges. These trading platforms usually shuffle funds between their wallets to manage liquidity or enhance security. It is worth mentioning that Coinbase activated the sending wallet, ‘rPe…AzU’, on April 11, 2025. Ever since, it has received XRP from multiple sources, including other Coinbase-affiliated addresses.  After receiving over 29.53 million XRP in more than 40 transactions, the exchange moved the funds today to ‘rUj…8Ln,’ leaving a balance of 10 XRP ($21.6).  Apparently, the recipient address caters to users’ withdrawal requests. Since receiving the 29.53 million XRP, it has disbursed nearly 28 million XRP to multiple wallet addresses in over 100 transactions. At press time, it had a balance of 1.55 million XRP, currently worth $3.34 million XRP.  Meanwhile, the transaction comes as Coinbase prepares to launch XRP futures contracts on its platform. The exchange aims to list the contracts for trading next week by April 21, 2025.  Ripple Sends 70M XRP to Unknown Wallet  Prior to the Coinbase transaction, Whale Alert had highlighted another major XRP movement over the past day. The crypto tracking service reported that an unknown whale transferred 70 million XRP worth $150.36 million to another unidentified wallet on April 14 at 20:08 p.m. (UTC).  Data from Bithomp shows that Ripple activated the sending wallet–’rP4…xv3’–in October 2023 with 70 million XRP. This wallet has been involved in several Ripple-related transactions. The latest of such transactions occurred on April 11, 2025, when it received 200 million XRP from the crypto payment giant.  As previously reported, an XRP community figure, XRP_Liquidity, suggested that the funds could be utilized for several purposes, including providing liquidity on exchanges, meeting ODL clients’ demands, and backing XRP-related exchange-traded products (ETPs).  Amid these transactions, XRP still sits comfortably above the $2 price mark, with the asset trading at $2.16 per coin. It is currently up 11.66% over the past seven days and 31.69% from its April 7 low of $1.6401.