After Ripple reshuffled 75 million XRP across multiple wallets, it moved 50 million of them to two Coinbase addresses. The transfers took place as XRP entered a recent stretch in which it was attempting a rebound.

On April 21 (local time), blockchain outlet The Crypto Basic reported the transactions began on April 20. An unidentified Ripple wallet, 'rLB…gK3', sent 50 million XRP on April 20 to the 'Ripple (50)' address. The amount was worth about $71.5 million at the time. The 'Ripple (50)' address then combined the transfer with existing holdings to raise its balance to 121.5 million XRP and moved 75 million XRP from that total to another unidentified Ripple address, 'rfR…8n8'. That batch was valued at about $172.5 million.

The funds were then split again into five wallets. In less than 15 minutes, 'rfR…8n8' distributed 15 million XRP each to five addresses. Some wallets kept the received amount, while others moved it again. In the process, 'rwt…rG9' ultimately sent 25 million XRP to a Coinbase address, and 'rDK…ioc' also transferred 25 million XRP to another Coinbase wallet.

Not all of the holdings moved to an exchange. 'raZ…fCT' kept its allocated 15 million XRP, and its balance at the time was 16.46 million XRP. 'rLa…vcq' moved 10 million XRP of its allocation to 'rDK…ioc'. As a result, Ripple sent 50 million XRP out of the total 75 million XRP to two Coinbase wallets and left the remaining 25 million XRP in two different addresses.

One of the Coinbase wallets in the transfers was identified as the same address used when Ripple chairman Chris Larsen (크리스 라슨) sold millions of XRP in July last year. Judging by the transaction structure alone, Ripple did not send funds directly from a single wallet to the exchange. It chose to distribute funds through intermediary wallets and then move part of them to the exchange.

The large-scale transfers came shortly after Cardano founder Charles Hoskinson (찰스 호스킨슨) criticised Ripple’s business model in a recent interview. Hoskinson described Ripple’s XRP sales method as "beneficial to the company but not beneficial to holders". He said Ripple sells large amounts of XRP each year from its pre-minted supply and uses the proceeds for operations and various transaction funding.

Hoskinson also said Ripple does not present a "clear way" to return value to holders. He said there is no return structure such as share buybacks or profit sharing, and that XRP holders do not have ownership of Ripple or its assets. He then compared the structure to Tether and said the company does not pass profits to holders.

The market, however, does not appear to be taking the moves as negative. XRP has risen about 4.9 percent over the past week to trade at $1.43. That is the highest gain among the top 10 cryptocurrencies over the period. Large wallet transfers and controversy over the business model overlapped, but short-term price action tilted toward a rebound.

The transactions have drawn attention for showing on-chain how Ripple distributes and transfers large amounts of XRP across internal wallets and exchange addresses. The fact that XRP did not respond with weakness despite the large movements also became an important clue for interpreting short-term market supply and demand.