A large XRP holder has transferred nearly $59 million worth of tokens to Coinbase, just days before a critical court deadline in the ongoing legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC).
According to blockchain tracker Whale Alert, the transaction involved 26.6 million XRP, valued at $58.9 million, and was completed on June 5 from an unidentified wallet to the crypto exchange. The move has drawn attention due to its timing, as the June 16 deadline for refiling an injunction motion in the SEC case draws closer.
Such large-scale transfers to exchanges often signal intent to sell, which could exert downward pressure on prices. Analysts suggest the whale might be bearish on the case outcome or anticipating delays rather than a swift resolution.
In a parallel development, the SEC recently opposed a request to admit additional evidence from Justin Keener, a nonparty to the case. The commission argued that the court lacks jurisdiction to consider Keener’s motion and insisted that any material he holds should be shared privately with Ripple, not through an emergency legal filing.
The court has yet to rule on an earlier motion seeking similar evidence. The SEC maintains that Keener’s request should not influence ongoing proceedings.
Amid the legal uncertainty, XRP influencer “The Real Remi Relief” has stirred speculation on social media, suggesting that Ripple, the SEC, and the presiding judge may have reached a private settlement, with a potential announcement expected as soon as Friday, June 13, 2025.
Earlier this year, a proposed $50 million fine and $75 million XRP refund deal was rejected by the court, leading to additional delays. Nevertheless, Ripple CEO Brad Garlinghouse has expressed continued optimism for a fair outcome.
At the time of writing, XRP is down approximately 3%, trading at around $2.19, reflecting heightened market caution amid legal and whale-driven uncertainty.
