XRP News Today: XRP Price Drops 5.24% Amid $59.9 Million Transfer to Coinbase

A significant transaction involving 26,671,734 XRP, valued at approximately $59.9 million, was transferred to Coinbase. This movement, confirmed by blockchain monitoring service Whale Alert, originated from an unidentified wallet and was completed within minutes. The transfer occurred during a period of substantial market pressure for XRP, which had experienced four consecutive days of losses since June 9, with its price dropping below the daily simple moving average of $2.28. At the time of the transfer, XRP had fallen to as low as $2.08 but was trading at $2.13, reflecting a 5.24% loss over the last 24 hours.

Amid the broader market downturn, over 248,624 traders were affected as more than $1.16 billion in leveraged positions were liquidated within 24 hours. Long traders took over 1 billion of these losses, indicating excessively bullish positioning across the board.

While prices remain volatile, Ripple has made progress in resolving its legal battle with the U.S. Securities and Exchange Commission. A joint motion has been filed to dissolve a long-standing injunction and settle a $125 million civil penalty. As proposed, $50 million would go to the SEC, and Ripple would be refunded $75 million. The filing aims to end the dispute without extending the case into further appeals.

Despite the legal and market pressures, XRP continues to attract significant interest from corporate investors. Companies such as Webus International, VivoPower, and Wellgistics have invested over 470 million XRP in their treasury plans, indicating an increasing belief among institutional platforms in the long-term potential of XRP.

The recent transfer to Coinbase has sparked speculation among market participants. Some view it as a precursor to a large sale, while others consider it to be part of internal fund management. The transfer has not been officially explained, and the ownership of the wallet remains unknown.

As the price of XRP faces downward pressure and legal risks are on the verge of resolution, the transfer of $59.9 million to Coinbase is particularly noteworthy. Market participants will closely observe whether this transfer is part of a larger trend or a one-off event. The outcome of this transfer and the ongoing legal developments will likely influence the future trajectory of XRP in the market.