Anyone tracking XRP’s on-chain flows in recent weeks would notice a striking trend anonymous wallets keep sending millions of XRP to Coinbase. These transactions are not small; they have been consistently massive. Earlier today, the pattern repeated when 16.71 million XRP, worth just over $51.8 million, moved from an address with no public ties to Coinbase. Interestingly, this amount mirrors the “slice size” repeatedly seen in recent wallet reshuffles involving the major U.S. exchange.
Origins of the Pattern
This unusual trend dates back to June when the tracking account “XRPWallets” mapped 52 cold wallets linked to Coinbase. At that time, ten of those wallets each held roughly 26.8 million XRP, while the remaining 42 wallets contained around 16.8 million XRP each. Altogether, the stash totaled nearly 974 million XRP.
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However, recent tracking reveals a sharp decline. Now, only 23 wallets match the original pattern. Each of these wallets holds roughly 16.5 million XRP, amounting to about 379.5 million XRP in total. This represents a reduction of roughly 594 million XRP compared to June a drop of more than 60% in the identifiable holdings.
Possible Explanations Behind the Moves
The most recent inflow of 16.71 million XRP perfectly fits the recurring “slice size,” which strongly hints at internal redistribution rather than a random deposit. The reasons remain unclear. Coinbase may have moved the tokens to newly created wallets, transferred them to an external custodian, or processed large client withdrawals.
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Furthermore, there is speculation that some of these platforms might connect to Ripple’s On-Demand Liquidity (ODL) network. While blockchain data can track the tokens’ movement and current storage, it cannot reveal the motive behind these transactions.
Until Coinbase addresses the matter, the public sees only a shrinking stash. Transfers repeat in precise amounts, fueling suspicion of a hidden strategy.
