A massive $59 million worth of XRP has been transferred to Coinbase. This happened ahead of the June 16 deadline in the long-running legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) is getting closer.
According to Whale Alert, a crypto tracking service, 26.6 million XRP tokens (worth nearly $58.9 million) were moved from an unknown wallet to Coinbase on June 5. Moving a large amount of XRP to Coinbase like this could mean the whale might be planning to sell it. This move also grabs attention, especially while a major legal case is still going on.
Historically, large transfers of crypto to exchanges like Coinbase usually meant people were getting ready to sell, which can cause prices to drop. However, with the June 16 deadline for refiling the injunction motion, it indicates that the whale could be bearish on the outcome of the case. It could suggest that he expects the case to extend longer rather than a speedy resolution.
In recent times, the SEC filed a motion opposing a request for “decisive evidence” from a nonparty named Justin Keener. The SEC argues that the court doesn’t have the authority to consider this request and emphasized that Keener is not part of the lawsuit.
The court has yet to respond to an earlier request for similar evidence. The SEC believes Keener is free to share anything he has directly with Ripple, but his emergency request should not affect the legal process.
Meanwhile, XRP influencer “The Real Remi Relief” stirred buzz online by claiming that Ripple, the SEC, and the presiding judge may have reached a deal behind the scenes. She hinted that an official announcement could come as early as Friday, June 13, 2025.
Earlier this year, a proposed settlement involving a $50 million fine and the return of $75 million in XRP was rejected by the court, causing delays. Still, Ripple CEO Brad Garlinghouse remains confident about reaching a fair resolution.
At the time of writing, the price of XRP has gone down around 3% and reached to around $2.19.
Also Read: Ripple XRP Ledger Caught in $654.39 Trillion Drama: What’s Going On?
