According to Whale Alert data, $58 million worth of XRP tokens was recently transferred from an unknown wallet to Coinbase.
This is the first major transfer recorded by the popular wallet tracking service since June 12. On that day, as much as $60 million worth of Ripple-linked tokens was sent to the largest U.S. exchange.
As reported by U.Today, Ripple also made a $498 million XRP transfer on June 6. The timing of the transaction raised some suspicion since it was already too late for the company's regular escrow moves.
XRP, one of the leading altcoins, is currently changing hands at $2.16 with a market cap of $127 billion. It has declined by 0.3% over the past 24 hours.
The cryptocurrency recently reappeared in the spotlight after multiple micro-cap companies moved to set up XRP-based treasury plans. It remains to be seen whether corporate XRP adoption will manage to gain enough traction.
Moreover, Ripple CEO Brad Garlinghouse recently made headlines after stating that the XRP token could potentially secure a 14% share of the cross-border payment volume of SWIFT, a widely used interbank messaging platform.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.