Massive XRP Transaction Sparked Debate, Investigation Reveals Routine Transactions Within Ripple and Coinbase Ecosystems

The recent transfer of 56,698,207 XRP has sparked a heated debate within the cryptocurrency community, with many speculating about the nature and potential participants involved in such a massive transaction. However, after further investigation by blockchain tracking account @XRPwallets, it appears that both transactions were internal moves made for external use.

The first transfer, worth 40 million XRP, was carried out by Ripple, moving the funds to one of its wallets for external purposes. This move has been deemed a routine transaction, with Ripple utilizing these funds for its various ETPs (Exchange-Traded Products) and other investments.

The second transaction, valued at 16.5 million XRP, occurred within the Coinbase platform, as @XRPwallets revealed that it was an internal transfer from one Coinbase cold wallet to another, likely for operational purposes or storage.

As a result of this clarification, speculation about money laundering transactions or any other potential illegal activities has been largely dismissed. It appears that both transfers were simply routine operations within the Ripple and Coinbase ecosystems.

Source: u.today