Usman Salis
Some crypto whale just dropped nearly $60 million worth of XRP (XRP) straight onto Coinbase, and honestly, the timing couldn't be worse. With XRP already bleeding and the whole market getting wrecked, this massive move has everyone wondering what's coming next.
Someone Just Moved $59.9M Worth of XRP (Ripple) to Coinbase
Okay, so here's the deal - Whale Alert caught this absolutely massive transaction where someone moved 26,671,734 XRP (worth $59,925,621) from some random wallet directly to Coinbase. We're talking about this happening in just a few minutes, which is pretty wild when you think about it.
Now, when you see that kind of money hitting an exchange, it usually means one thing - someone's about to sell. Sure, it could just be some rich person moving their coins around, but let's be real here. The market's already shaky, and this kind of move doesn't exactly scream confidence.
The worst part? XRP has been having a rough time lately. We're talking four straight days of red since June 9th. The coin already lost its 50-day moving average at $2.28 and even dipped down to $2.08 earlier on Friday. That's gotta sting if you bought the top.
XRP Gets Crushed in Today's Crypto Massacre
Right now, XRP is sitting at $2.15, down 5.24% in the last day. But honestly, don't feel too bad for XRP holders because literally everything is getting destroyed today.
The whole crypto market is having what you'd call a "really bad day." We're looking at over $1.16 billion in liquidations across all the major exchanges. That's bonkers. CoinGlass says 248,624 traders got completely rekt in just 24 hours. And get this - most of those were long positions (over $1 billion worth), which just shows how bullish everyone was getting after last week's pump.
XRP (Ripple) Still Has Some Good Things Going Despite the Chaos
But hey, it's not all bad news for XRP. While the price is getting hammered today, there's actually some pretty solid stuff happening behind the scenes that most people aren't talking about.
Big companies are still buying XRP like crazy. Webus International dropped $300 million on it, VivoPower put in $121 million, and Wellgistics added $50 million. When you add it all up, that's over $470 million in corporate money backing XRP. That's not chump change.
Plus, there's finally some movement on that annoying SEC lawsuit. Ripple and the SEC just filed this joint motion to wrap up the whole mess and deal with that $125 million penalty. Basically, the SEC gets $50 million, Ripple gets back $75 million, and hopefully we can all move on with our lives. The goal is to stop this legal drama from dragging on for another whole year.
So yeah, today sucks for XRP holders, but there's still some decent stuff brewing underneath all this red. Whether that's enough to turn things around when this selloff finally ends? Well, that's the million-dollar question.
Usman Salis
