TLDR
- Coinbase completed a transfer of 16.7 million XRP worth approximately $53.16 million on Monday.
- Tracking services initially reported the transaction as a large deposit to Coinbase from an external holder.
- On-chain analysis later confirmed that the transfer was internal between two Coinbase cold wallets.
- The sending wallet was labeled 197 and the receiving wallet was labeled Cold Wallet 6 by tracking platforms.
- Both wallets are part of Coinbaseās deep reserves and each typically holds around 16.5 million XRP.
Coinbase processed a major XRP movement on Monday involving 16,698,207 tokens worth approximately $53.16 million. The transfer occurred in one transaction to the exchange during morning hours. Tracking services immediately flagged the activity, and social channels quickly circulated the alert.
Market observers initially assumed that a large external holder had sent XRP to Coinbase. However, on-chain analysis later confirmed the movement was an internal transfer. Both sending and receiving wallets belong to Coinbaseās cold storage system.
These wallets, labeled ā197ā and āCold Wallet 6,ā are part of Coinbaseās deep reserves. Each typically holds around 16.5 million XRP. This transfer represented a small portion of Coinbaseās total holdings.
Internal XRP Move Highlights Coinbase Strategy
On-chain data identified both wallets as long-standing Coinbase reserve addresses. Analysts noted that 27 similar high-balance wallets remain active. Each continues to store large amounts of XRP for operational purposes.
šØ šØ šØ 16,698,207 #XRP (53,165,037 USD) transferred from unknown wallet to #Coinbasehttps://t.co/kxca5ldroS
— Whale Alert (@whale_alert) August 11, 2025
The transfer indicates routine reshuffling or internal security management rather than external inflows. Coinbase has performed similar movements in the past without affecting market supply. Large internal shifts often aim to optimize custody arrangements.
āCold wallet operations are part of standard exchange procedures,ā tracking service representatives explained. Such actions reduce hot wallet exposure and maintain liquidity safety. Therefore, the transaction carried no signs of market-driven liquidation.
Market Impact Remains Limited
XRP traded around $3.18 following the transaction, showing minimal market response. The price has stayed in a narrow range since late July. Resistance remains clear at $3.30.
Breaking this resistance could lead XRP toward $3.50 and possibly $3.70. Failure to breach may sustain the sideways pattern. Coinbaseās XRP reserves remain substantial despite the recent shift.
With many reserve wallets still active, similar transfers may occur again. Each will likely draw attention as traders monitor XRP ledger activity. Coinbaseās large-scale cold wallet management remains a regular operational process.
