Phased out in multiple fractions, this 10M+ XRP liquidity flow via Coinbase reveals an intricate plot.
Crypto whale tracking agencies have noticed a stream of complex Ripple coin (XRP) transfers involving Coinbase in the latest 48-hour period. Coinbase, the popular American exchange, had seen tens of millions in multi-stage transactions, with the funds particularly coming from Binance & Coil Technologies.
For those, Coinbase acted as the central hub with a primary Coinbase hot wallet serving as a massive aggregation point. The funds were pulled from 5 Binance hot wallets, as well as Coil settlement wallet. Routed via internal Coinbase crypto wallets, there’s a clear motive behind these subsequent XRP transactions.
Coinbase’s Key XRP Function & Price Implications
In spite of the popular altcoin trading above the key psychological threshold at $3 for the most part of last week, Ripple coin (XRP) briefly slumped below $3 on Monday. This XRP’s price movement came after the 10 million XRP shift reached the third stage, dubbed as market-wide redistribution.
In the third phase, these 10M+ bulk XRP token transfers were fanned out to multiple crypto exchanges, including Kraken, Binance, Crypto.Com & smaller ones. Judging by these asset flows, it’s clear that Coinbase acts as a major liquidity hub within Ripple’s (XRP) ecosystem, even though Coinbase themselves have recently reduced their XRP stash by nearly 90%.
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