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208.6 Million XRP Shoveled by Coinbase: Rumors of Possible XRP Relisting Sparkle

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Fri, 02/18/2022 - 16:05
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Yuri Molchan
As Coinbase transferred a significant amount of XRP, some in the community have begun to talk about possible relisting of coin that may happen soon
208.6 Million XRP Shoveled by Coinbase: Rumors of Possible XRP Relisting Sparkle
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Crypto tracking bot Whale Alert has spotted several large transactions moving XRP between crypto exchanges. One of them was U.S.-based publicly traded platform Coinbase.

As it has shifted a large amount of the Ripple-affiliated coin, some XRP supporters began to speculate on the possible relisting of XRP that may take place soon.

89 million XRP moved by Coinbase

The abovementioned crypto tracker detected five large transactions, carrying a comprised 208.6 million XRP tokens.

The share of Coinbase here was two transfers, which moved 88.6 million XRP in all. The crypto was sent from one Coinbase wallet to another.

XRPcoinbaselikely_980
Image via Twitter

As a reminder, Coinbase was the first crypto exchange to suspend XRP trading in January 2021 after the SEC initiated a lawsuit against Ripple Labs in late December 2020. The regulatory agency also sued Ripple's CEO Brad Garlinghouse and its co-founder, Christopher Larsen, for selling XRP, which the SEC claimed to be an unregistered security. The litigation continues up to this day.

These transfers of XRP between internal wallets of Coinbase have sparked speculations by some commenters, who assumed that Coinbase might be readying to resume XRP trading.

XRP_coinbase_relisting
Image via Twitter

Since early 2021, when the exchange suspended trading XRP pairs, it still allowed customers to store XRP on their wallets there and deposit and withdraw the coin as they wish.

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120.3 million XRP transferred by exchanges and ODL venues

The other three XRP transactions were conducted by U.S.-based Bittrex crypto trading company to Mexican crypto unicorn Bitso and Europe-based Bitstamp.

Bittrex shifted 20,000,000 XRP to Bitso and sent the same amount of coins to Bitstamp. Both exchanges serve as Ripple ODL corridors in their regions—Latin America and the EU.

Finally, 89,000,000 XRP were transferred by South Korean Bithumb exchange internally. The overall amount of transferred XRP comprises $166,483,409 at the current exchange rate of XRP/USD.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.