An unprecedented transaction of XRP was detected on Coinbase ($COIN) shortly after the long-standing legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple came to an end. According to a transaction tracking platform, on the morning of August 8th, approximately 16.68 million XRP worth about $55.46 million (approximately 7.72 billion won) was moved from Coinbase's cold wallet to its main operating wallet. This movement occurred immediately after Ripple and the SEC mutually withdrew their appeals, effectively concluding the lawsuit.
This transaction volume is among the largest XRP transfers in recent months and has drawn industry attention due to its near-simultaneous occurrence with the significant news of the lawsuit's conclusion. Particularly, as the transfer was confirmed to be between internal Coinbase wallets rather than external ones, analysis suggesting it is a liquidity reallocation rather than a simple selling purpose has gained credibility. Currently, Coinbase is reported to possess over 29 such cold wallets, with each wallet storing approximately 16.5 million XRP.
While Coinbase has not issued an official statement regarding this transaction, similar liquidity movements to operating wallets in the past have been followed by XRP price increases. Specifically, XRP rose to $3.38 around that day, breaking out of a week-long sideways trend. This suggests that not only the final settlement between SEC and Ripple but also major exchange internal movements can be factors in price fluctuations.
Previously, in July 2023, Judge Analisa Torres ruled that XRP would not be considered a security when traded on exchanges and in general markets, but sales to institutional investors would constitute unregistered securities sales. Although both parties had initially announced appeals, they ultimately withdrew their appeals earlier this month, confirming the court's judgment and eliminating the possibility of further litigation.
This event suggests significant implications for the XRP ecosystem. With the relief of regulatory risks and potential internal restructuring signals from major exchanges, market sentiment is likely to improve. The industry is watching whether XRP's movement will lead to short-term profit-taking or a post-major ruling price rally.
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