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256 Million XRP Transferred from Coinbase Wallet

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Thu, 08/26/2021 - 10:31
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Yuri Molchan
Coinbase exchange has wired $300 million worth of XRP token after Binance transferred 100 million XRP to China
256 Million XRP Transferred from Coinbase Wallet
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Popular crypto tracking platform Whale Alert has spotted a whopping 256 million XRP tokens wired by the largest U.S.-based crypto exchange, Coinbase, in a single transaction.

That amount of crypto is equal to $300,776,300 USD at the current XRP price of $1.13.

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Image via Whale Alert

Coinbase moves 256 million XRP internally

Data shared by analytics website Bithomp, which works with XRP, has revealed that the transaction was performed between internal wallets of Coinbase.

Curiously, the Nasdaq-listed crypto trading venue suspended XRP trades in January of this year, along with several other major exchanges such as Bitstamp, Binance U.S. and others, after the U.S. SEC regulatory agency initiated a legal suit against Ripple Labs in December 2020.

The community expected Coinbase to reinstate XRP on its platform on July 28 since this was the day when SEC chairman Gary Gensler had to provide a detailed plan on crypto regulation to Democratic Senator Elizabeth Warren. The latter is a member of the Democratic Party and the chairperson of the Senate Banking Committee's Subcommittee on Economic Policy.

She is a vocal critic of cryptocurrencies on the whole and reckons that, due to their high volatility level, cryptocurrencies impose great risks on consumers and financial markets.

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Binance shifts 100 million XRP to China

Large transactions of XRP were also detected by Whale Alert earlier this week. Top-tier crypto exchange Binance transferred a staggering 100 million XRP tokens in two lumps (60 million and 40 million XRP).

The recipient was the largest crypto exchange in China: Huobi.

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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.