Coinbase Receives 16.7 Million XRP in One Giant Deposit

A major XRP transaction took place on Monday, with 16,698,207 tokens — worth around $53.16 million — moving in a single transfer to Coinbase this morning. The alert from Whale Alert quickly circulated, with many initially assuming that a major external holder had transferred funds to the exchange.

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

Both wallets are part of the exchange’s deep reserves and typically hold around 16.5 million XRP each. With 27 such wallets still active, this transaction represented only a small fraction of Coinbase’s total XRP holdings.

While large inflows to exchanges often raise questions about possible market impact, in this case, the internal transfer is more indicative of operational reshuffling or security management.

Nevertheless, the sheer size of the transfer means it remains on the radar of the XRP community, which closely monitors any significant ledger activity.

XRP price reaction

At market level, XRP is trading at around $3.18, showing little reaction to the news. The price has remained within a narrow range since late July, with $3.30 acting as a clear resistance point. Breaking through this level could open the door to $3.50 and potentially $3.70, while failing to do so would likely keep the current sideways trend intact.

With Coinbase still managing more than two dozen high-balance wallets, similar transfers are likely to reappear, sparking another round of speculation each time over whether they are simply internal accounting measures or the start of something bigger.