Almost 100 Million XRP Shifted by Ripple, Bitfinex and Coinbase

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Fri, 01/15/2021 - 14:29
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Yuri Molchan
Crypto tracker Whale Alert has reported that nearly 100 million XRP coins have been moved by Ripple and two top-tier cryptocurrency exchanges, Bitfinex and Coinbase
Almost 100 Million XRP Shifted by Ripple, Bitfinex and Coinbase
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According to data shared by the popular tracking service Whale Alert, over the past 20 hours, blockchain decacorn Ripple and two major exchangesBitfinex and Coinbasehave transferred a whopping 99.2 million XRP.

In fiat, this amounts to $28,416,436 USD.

Ripple and major exchanges wire $28.4 million worth of XRP

Whale Alert has noticed two major crypto transactions, carrying 30 million and 69.2 million XRP. The first one was performed by the Ripple behemoth, while the second was used by Bitfinex to move nearly 70 million XRP to the U.S.-based Coinbase.

Ripple has moved 30 million coins between its wallets, which is likely to be funding for its operational expenses.

XRP
Image via Twitter

Meanwhile, the liquidity index on one of Ripple's ODL corridors has surged. On major Mexico-based exchange Bitso, it soared to 9,154,990. The latest all-time high of 32,705,851 is still light years away, however.

Related
Major XRP Custodian Officially Approved to Become Digital Asset Bank

Twenty-one lawyers hired to defend Ripple in court

According to court documents, Ripple has put forward a group of twenty-one lawyers to defend the company and its former and current CEOs.

Four of them will be working with Brad Garlinghouse and another four will represent Chris Larsen, cofounder and former CEO.

The rest of the legal team will be representing Ripple itself.

Ripple and two of its highest-ranking executives have been accused by the SEC of trading unregistered securities (XRP) to investors over the past seven years and making over a $1 billion on those sales. The regulator filed a legal action against the company and executives.

The aforementioned Coinbase exchange has also been sued by the regulator for allowing illegal XRP sales and charging trading commission fees on them.

Jay Clayton, the SEC chairman who initiated the lawsuit against Ripple on Dec. 21, resigned from his position later the same week.

XRP fails to breach $0.30 amid legal campaign against Ripple

As the SEC initiated the lawsuit against Ripple, multiple crypto exchanges began dropping support for the fourth biggest cryptocurrency.

Among these platforms are Coinbase, Binance US, Bittrex, Bitstamp, eToro and the largest crypto hedge fund, Grayscale Investments. The latter first excluded XRP from its Digital Large Cap Fund and just recently announced the removal of the Grayscale XRP Trust.

XRP held above the $0.30 level for a while during this wave of delistings but, on Jan. 10, the price went below this crucial level.

At press time, XRP is trading at $0.2866, as per data from CoinMarketCap.

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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.