The major XRP transaction attracted attention on June 3rd after approximately $60.1 million worth of XRP was sent from Mystery Wallet to Coinbase.
The Whale Alert pointed out that the relocation was from an “unknown wallet” to Coinbase. Of course, it sparked a lot of speculation. Was the whales ready for sale? Was this an external group?
The timing made it interesting – the XRP is quoted at around $2.24, giving it an upward momentum. Large exchange inflows can be a sign that the market is about to move, so traders are beginning to attract attention.
However, after a closer look, the mystery varieties faded.
🚨🚨🚨27,108,594 #XRP (60,168,095 USD) transferred from unknown wallet to #coinbasehttps://t.co/daxsvsnxzd
– Whale Alert (@Whale_Alert) June 3, 2025
It turns out that the sending wallet was not at all unknown. It was Coinbase Cold Wallet 188. This is one of the exchange’s long-standing storage addresses. The transaction was internal. Coinbase has moved $60 million worth of XRP between its own wallets.
These types of transfers are usually associated with balancing liquidity, custody duties, or hot wallet funding. There were no major sales, and whales like third-party whales didn’t move. Coinbase was just doing the standard backend work.