The XRP market took a hit this week after a large holder moved nearly $60 million worth of tokens to Coinbase, trigger concerns of a major selloff. The move happened as the entire cryptocurrency market experienced a significant downturn, with over $1 billion in liquidations reported across major exchanges.

According to data from Whale Alert, an unknown wallet transferred 26.67 million XRP, valued at $59.9 million, directly to Coinbase on Friday. Large transfers like this often signal an intent to sell, especially when they are sent to centralized exchanges like Coinbase. This massive transaction added pressure to an already weakening market, contributing to XRP’s 5.24% drop within 24 hours.

XRP Struggles in Ongoing Market Slump

Before the whale activity, XRP had already been under pressure. Since June 9, XRP has seen four consecutive days of price declines. The asset lost its position above the 50-day moving average, which had held at $2.28, and dropped as low as $2.08 on Friday before recovering slightly to around $2.15.

This recent decline aligns with a broader downturn across the crypto market. Over the past 24 hours, more than $1.16 billion in leveraged positions were liquidated, impacting nearly 250,000 traders, according to data from CoinGlass. Most of the losses came from long positions, which were wiped out after a brief rally last week.

Whale Activity Raises Investor Concerns

Large-scale wallet transfers to exchanges are often interpreted by the market as bearish signals. In this case, the $59.9 million XRP movement has intensified speculation about a possible dump. Although it’s unclear whether the transfer was for selling or internal shuffling, the timing—during a sharp market pullback—suggests the former.

The impact of this move goes beyond XRP. It reflects a growing sense of caution among investors as the market struggles to maintain momentum. As prices fall, whales and large holders moving their assets can increase panic, resulting in further price drops.

Corporate Interest in XRP Remains Strong

Despite the current price weakness, XRP continues to gain traction among corporate investors. Over the past few weeks, major firms have made significant investments in the token. Webus International recently allocated $300 million to XRP, while VivoPower invested $121 million, and Wellgistics contributed $50 million. These moves bring total recent corporate backing to more than $470 million.

These investments show that institutional interest in XRP remains solid, even as retail sentiment wavers. Long-term investors may be viewing the current dip as a buying opportunity, given XRP’s ongoing use in cross-border payments and blockchain-based financial services.

Ripple vs. SEC: Legal Battle Nearing Resolution?

Another positive development for XRP comes from the ongoing legal case between Ripple and the U.S. Securities and Exchange Commission (SEC). After years of court proceedings, both parties have submitted a joint motion to settle the penalty phase of the lawsuit. According to reports, Ripple may pay $50 million while recovering $75 million, potentially closing the chapter on a legal battle that has dragged on since 2020.

This legal resolution, if finalized, could remove a major cloud of uncertainty hanging over XRP and improve investor confidence. The settlement would also free Ripple to focus on expanding its payment and enterprise blockchain services without further regulatory distractions.

What’s Next for XRP?

While the short-term outlook for XRP looks shaky, there are reasons to remain cautiously optimistic. The whale selloff may trigger further downside in the coming days, but strong institutional support and potential legal clarity could help XRP stabilize and eventually rebound.

Investors should also keep an eye on broader crypto market trends. With the Federal Reserve signaling possible rate cuts and U.S. lawmakers advancing crypto regulation bills, the overall environment could become more favorable for digital assets in the second half of 2025.

In summary, XRP has faced a double blow—massive whale activity and a wider market selloff. However, long-term fundamentals, including strong institutional interest and progress in regulatory battles, could provide support for a potential recovery once current market volatility subsides.