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Ripple Sells Millions of XRP as SEC Loses to Another Crypto Giant

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Wed, 30/08/2023 - 13:02
Ripple Sells Millions of XRP as SEC Loses to Another Crypto Giant
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Several XRP transactions that make up an impressive total amount together — close to half a billion XRP — have been spotted by the popular crypto tracking service Whale Alert over the period of the last 24 hours.

Ripple Labs giant took an active part in this, transferring part of this massive crypto stash.

Ripple sells 59 million XRP, with 483 million XRP on the move in total

The above crypto tracker spotted three XRP transfers, carrying 424,018,481 XRP; 31,000,000 XRP and 27,600,000 XRP.

Of these three transfers, Ripple's was the second one as it moved 31 million XRP to an anonymous wallet address. The company often transfers several tens of millions of XRP to crypto exchanges to sell crypto for fiat to cover its operational expenses or send XRP to its customers — banks and various other financial institutions. Often, Ripple also makes large XRP transactions to support its ODL platforms.

Thirty-one million XRP is equivalent to $16,530,182, and Ripple transferred it to a wallet marked by Whale Alert as "unknown." Still, details provided by the XRP-focused platform Bithomp show that this anonymous wallet, in reality, also belongs to Ripple.

The biggest transaction here — 424,018,481 XRP — was made between two anonymous whales, and Bithomp did not share any details about them. Also, an unknown wallet owner transferred 27,600,000 XRP to the Bitstamp exchange to sell this crypto lump. Bithomp identified the sender as Ripple Labs.

Related

SEC loses case to Grayscale, but there's a catch

As reported by U.Today on Tuesday, Grayscale scored a victory against the U.S. Securities and Exchange Commission in court. Since this is the third crypto company that has beaten the U.S. securities regulator; first in was Ripple, then Caitlin Long's Custodian Bank, now Grayscale's turn has come.

Even though, the victory of the latter does not automatically ensure the conversion of Grayscale Bitcoin Trust into a Bitcoin ETF. Still, victory in this case means a lot to the crypto community and its future.

In light of this news, the flagship cryptocurrency Bitcoin surged back above the $27,000 level on Tuesday, and XRP printed a rise by over 6%.

The court ruled that "denial of Grayscale's proposal was arbitrary and capricious because the Commission failed to explain its different treatment of similar products."

Now, the community is looking forward to Coinbase also beating the SEC in court.

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