Ripple and Binance.US Shift 51.4 Million XRP, Despite the Latter Delisting XRP

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Fri, 01/22/2021 - 10:39
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Yuri Molchan
Crypto behemoth Ripple and the US branch of the Binance giant have been spotted transferring large amounts of XRP, even though Binance.US delisted this coin a week ago
Ripple and Binance.US Shift 51.4 Million XRP, Despite the Latter Delisting XRP
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According to data shared by Whale Alert, the popular crypto tracking service, over the past 16 hours, the blockchain decacorn Ripple, together with the U.S. branch of the Binance giant, have wired a gargantuan amount of XRP: over 51 million.

In fiat USD, that represents slightly over $13 million.

Ripple and Binance move $13 million in XRP

Whale Alert has detected two major XRP transactions conducted over the past 16 hours. Ripple transferred 21.4 million XRP ($5,816,233), and Binance shifted 30 million XRP ($8,107,285). The funds were transferred between wallets belonging to the exchange.

XRP
Image via Twitter

Ripple usually uses its own XRP stash to cover operational expenses and thus move coins between its wallets and sell them.

At press time, XRP is ranked fifth on CoinMarketCap after giving up its fourth spot to Polkadot earlier this year and is trading at $0.2656.

On Jan. 7 and 11, the coin managed to recover to the $0.35 area but failed to stay there long.

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Binance US delisted XRP on Jan. 13

The coin began declining in price after the SEC initiated legal action against Ripple, announcing it on Dec. 21. Apart from Ripple itself, the U.S. security regulator has also sued Brad Garlinghouse (the CEO) and Chris Larsen (a cofounder).

Since then, multiple crypto exchanges, including Bittrex, Coinbase and Binance.US, stated they would delist XRP due to the SEC lawsuit against Ripple. Binance US stated that it would delist XRP on Jan. 13, 2021.

This has prompted a lot of questions from users under the Whale Alert tweet about Binance.US shifting 30 million XRP.

Ripple has hired 21 lawyers to defend itself and two of its high-profile executives in court.

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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.