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On April 21, Whale Alert flagged the movement of 75 million XRP tokens from Ripple. The transfer was valued at roughly $108 million based on market prices at the time of execution.
Rather than moving directly to an exchange deposit, the transaction followed a multi-stage routing pattern. XRP was first sent from Ripple’s primary treasury to a transitional address. From there, the funds were distributed across five sub-wallets, with each receiving 15 million XRP.
Two of the intermediate wallets then forwarded a combined 50 million XRP to Coinbase-controlled addresses. The wallet labeled “rwtzRv” transmitted 25 million XRP to a Coinbase custody wallet associated with account designation 8. Separately, wallet “rDKARn” sent 25 million XRP to a custody address tied to Coinbase account 4.
This kind of multi-stage transfer is described as standard operating procedure for Ripple. The company is said to use intermediary wallet chains to manage liquidity needs, facilitate over-the-counter transactions, and support its On-Demand Liquidity (ODL) infrastructure.
Despite the large dollar value, some market observers cautioned against immediately interpreting the move as a liquidation event. They pointed to Ripple’s stated commitment to keeping XRP central to its business operations, a strategic priority the company internally refers to as its “North Star.”
The timing of the transfer also coincided with a period of sustained capital inflows into XRP exchange-traded fund products. Starting April 10, spot XRP ETFs recorded positive daily inflows without interruption, accumulating $67.47 million over that span.
Some market experts suggested Coinbase could be playing a role within the ETF ecosystem, either as a custodial service provider or as an authorized participant. Under this interpretation, Ripple would be supplying XRP inventory to Coinbase to support institutional purchase demand, rather than liquidating XRP for fiat.
The article also noted that Ripple has been strengthening relationships with institutional custody providers throughout 2026, with Coinbase frequently referenced as a distribution point for ODL payment channel operations.
Even so, the transfer drew attention in cryptocurrency markets. Historically, when Ripple leadership moves XRP holdings to trading platforms, some participants have viewed it as potentially bearish. The article cited investor anxiety last year following executive chairman Chris Larsen’s sale of personal XRP positions.
XRP is trading at $1.44, up 1.6% over the previous 24 hours. The asset has been consolidating within a range bounded by its 50-day and 100-day moving averages, while analysts monitor for a potential breakout from a symmetrical triangle pattern.
Spot trading volume fell 12% over the last day, suggesting reduced participation from active traders.
On the derivatives side, CoinGlass data showed aggregate XRP futures open interest rising 0.75% to $2.60 billion. In the CME market specifically, four-hour futures open interest increased by more than 0.20%, while Binance recorded a 1.44% rise in the same metric.
XRP recently tested the $1.50 level, a price point previously highlighted in market commentary. The article also referenced additional trading activity tied to the recent introduction of wrapped XRP functionality on the Solana blockchain network.
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