Recently, significant XRP transactions have attracted market attention, with XRP worth $59,925,621 being transferred to Coinbase in just a few minutes within a single transaction.
According to the Blockchain Data Tracker Whale Alert, “$59,925,621 worth of XRP has been transferred from an unknown wallet to Coinbase.”
Deposits on the exchange may mean an intention to sell, but withdrawals may mean a buy. This move could simply be a restructuring of funds. However, the exact reason remains unknown.
At press time, XRP prices recorded losses, falling on the fourth day since June 9th. The decline caused the SMA 50 to be lost at $2.28, reaching a minimum of $2.08 in the session earlier Friday.
Red XRP price
XRP prices have fallen 5.24% in the last 24 hours and are trading at $2.13 as the broader crypto market faced intense sales pressure in the session earlier Friday.
Crypto Markets reported significant losses, with more than $1.16 billion clearings clearing leveraged positions over major exchanges marking one of the bloodiest days in recent months.
Coinglas data suggests that 248,624 traders were liquidated in 24 hours. Long traders are bear the brunt of losses, accounting for over $1 billion and showing an overly optimistic positioning after a week of bullish sentiment.
Optimism remains
XRP is currently attracting attention for the growth of its corporate footprint at the Ministry of Finance. Webus International ($300 million), Vivopower ($121 million), and Wells ($50 million) have acquired more than $470 million in XRP for their financial strategy.
The SEC and Ripple jointly filed a motion to resolve the injunction in their case and release the $125 million civil penalty. $50 million will be sent to the SEC, with the remaining $75 million being refunded to Ripple based on the proposal. The purpose of this case is to resolve the remaining appeals in the Second Circuit and prevent the issue from expanding into another year of the judicial battle.
