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Coinbase Helps Other Top Exchanges Shift 279 Million XRP

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Wed, 03/17/2021 - 07:55
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Yuri Molchan
Several top crypto exchanges have moved 279.3 million XRP tokens while the coin firmly remains in the $0.47 range
Coinbase Helps Other Top Exchanges Shift 279 Million XRP
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Over the past 20 hours, major exchanges, including Coinbase, have transferred a staggering amount of 279.3 million XRP coins in lumpsthe largest of which was 200 million XRP.

The overall amount of XRP moved is equal to $132,553,463. In the meantime, XRP keeps trading in the $0.47 range as it has been for slightly over three weeks since Feb. 23, as per CoinMarketCap.

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Coinbase and other platforms shift 279 million XRP

The Whale Alert crypto tracking system has spotted several major XRP lumps shifted in the past 20 hours. Each carried an average of 20 million XRP with Coinbase transferring a whopping 200 million XRP in one go.

Along with Coinbase, Binance and BitGo took part in moving the aforementioned XRP lumps.

On Tuesday, U.Today reported that Ripple fintech giant had transacted a mammoth 785 million XRP.

Coinbase, the SEC's lawsuits and XRP

Coinbase keeps using XRP despite suspending its trading after the SEC sued Ripple and two of its highest-profile executives, the former and current CEOs, Larsen and Garlinghouse.

Coinbase itself now finds itself embroiled in a legal suit with the SEC for allowing "illegal XRP trading" and charging fees for those trades.

Still, as the platform plans to go public soon, it seems that the SEC's legal action has not harmed its reputation much in the eyes of potential investors.

Ripple is standing up to the SEC

As for the SEC's legal action against Ripple, the latter is standing its ground, insisting that back in 2015, the FinCEN regulator declared XRP to be a virtual currency.

Besides, Ripple's lawyers insist that the SEC must show in court the documents regarding Bitcoin and Ethereum that led the commission to declare them to be non-securities.

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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.