216 Million XRP in 24 Hours — What's Happening?

Data shared by the popular blockchain sleuth Whale Alert, which traces down large cryptocurrency transfers, has detected a few transactions that carried almost 216 million XRP in total made consecutively.

216 million XRP on move

A total of 52,000,000 XRP were transferred to the Bybit exchange, while after that the same cryptocurrency trading platform faced a large withdrawal of 30,000,000 XRP headed for an unknown blockchain address. These crypto transfers were valued at $27,836,692 and $16,095,977 at the time when those transactions were initiated.

A total of 29,560,000 XRP worth $15,621,307 got sent to Bitso, the largest crypto exchange in the Latin American region, from an anonymous whale.

The largest transfer, though, which astonished the XRP community, carried 104,035,551 XRP equal to $55,979,341. This massive transaction was conducted between two anonymous whales.

The XRP army reacted with enthusiasm and partly amazement to the 104 transaction in particular.

Approximately one week ago, the U.S. Securities and Exchange Commission initiated an appeal on the recently lost case against the Ripple giant. Last summer, federal judge Analisa Torres ruled that XRP did not qualify as a security when it came to its sales in the secondary markets. This August, the SEC requested $2 billion in fines and compensations from Ripple. However, the same judge reduced that amount to $125 million.

Now, the SEC decided to file for an appeal. However, the regulator has itself faced a lawsuit from the Bitnomial exchange.

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Bitnomial exchange files lawsuit against SEC

On Friday, news was spread that one of the earliest crypto exchanges (founded in 2014) Bitnomial, headquartered in Chicago, filed a legal suit against the U.S. Securities and Exchange Commission “in response to an effort by the SEC to overextend its jurisdiction to digital asset derivatives.”

The exchange has been approved by the U.S. Commodity Futures Trading Commission (The CFTC) and remains out of the SEC’s statutory authority. In August, the exchange planned to launch physically delivered XRP futures. However, the SEC got in touch with it, stating that this future would qualify as a security. Even though the SEC lost once again in court to Ripple this August, it continues to claim that XRP is an unregistered security.

Bitnomial’s statement says: “Bitnomial is seeking a formal judgment from the court to protect futures markets, the CFTC’s jurisdiction, and participants from the SEC’s overreach.”