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According to blockchain data, an XRP stash consisting of over $50 million of tokens has arrived on top U.S. crypto exchange Coinbase.
In recent hours, Whale Alert reported that 16,594,920 XRP worth $50,715,884 were transferred from an unknown wallet to Coinbase in a single transaction.
This comes as XRP sees increased whale activity amid recent market developments, especially in the Ripple SEC lawsuit. The markets surged on Friday as Fed Chair Jerome Powell left the door open on the possibility of a rate cut at Fed's September meeting. XRP likewise rose, gaining nearly 8% at one point.
In a separate tweet, Whale Alert reported the move of 35 million XRP, which were swapped between wallets whose identity remains unknown. Whale Alert reported, "35,000,000 XRP worth $108,112,187 were transferred from unknown wallet to unknown wallet."
Ripple case finally over
Former federal prosecutor James K. Filan, who tweets out information about the Ripple SEC lawsuit, has shared a recent update about the high-profile litigation.
In what finally seals the case as closed, the Second Circuit has approved the Joint Stipulation of Dismissal of respective appeals filed by both parties Aug. 7.
On Aug. 15, the SEC filed its status report with the Court of Appeals, noting that the parties have filed a Joint Stipulation of Dismissal of the appeals, which was awaiting approval by the Court.
Now that the Joint Stipulation of Dismissal has been approved by the Second Circuit, the Ripple case is deemed officially closed, ending the nearly five year litigation.
In December 2020, the SEC filed a lawsuit against Ripple, alleging it sold XRP as unregistered securities. Ripple scored a win in the case as Ruling District Judge Torres decided that XRP is not a security in and of itself.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team