- Over 60 million XRP transactions took place in the last few hours.
- A SEC legal action indicts two top administrators of Ripple labs.
- Regardless of this case, XRP continues to trade around $0.57.
There has been a total transfer of 61 million XRP tokens in the last few hours by Coinbase, Binance, and Bitrue. The first two are the major exchanges, while the latter is a smaller exchange. The Bithumb website, in conjunction with XRP analytics and the whale alert crypto tracker, confirmed this information.
Crypto Exchangers Perform More Than 60 Million Worth of XRP Transactions
According to the whale alert Twitter bot, Binance, Coinbase, and Bitrue were responsible for the top three XRP transactions. Binance (the leading crypto exchange among them) received 20 million XRP from Coinbase. Moreover, Coinbase moved 31 million XRP tokens within its wallets.
Bitrue also followed suit by transferring 10 million XRP tokens. The USD value of all the transacted XRP was $33,907,358.
Last month, when the U.S. Securities regulator prosecuted Chris Larsen (the co-founder) and Brad Grailinghouse (CEO) of Ripple labs, Coinbase stopped the trade of XRP on its platform.
But, Jed McCaleb, Ripple’s other co-founder, wasn’t included in the lawsuit. One reason might be that he left the company in 2013, and Ripple has been paying his settlement agreement in bits. McCaleb has also been selling his XRP holdings regularly. He now has less than 500 million XRP (specifically, 442 million XRP).
A month ago, evidence from Whale Alert showed that McCaleb is the wealthiest person in the crypto-ecosystem; he has profited a little over $1 billion from selling his XRP assets.
It would be recalled that the SEC also instigated legal action against Coinbase after they were found guilty of receiving trading fees of “illicit” XRP trades. However, that suit didn’t stop McCaleb from earning more than $400 million in 2020 from his XRP sales. Thus, bringing his total XRP profit sales to $546 million. It is alleged that McCaleb’s sales of XRP are one reason why the cryptocurrency can’t maintain a steady price for an extended period.
Though Coinbase disallowed XRP trades, XRP owners under Coinbase were still allowed to keep or withdraw it from their wallets. Furthermore, Binance’s United States office has barred all trades on XRP.
XRP Maintains a Steady $0.57 Trade Value
Right now, the CoinMarketCap ranking shows that XRP is one of the seven leading cryptocurrencies. Recall that it once occupied the fourth spot of the same ranking after gaining a 50 percent price increase within a week. However, this cryptocurrency won’t be in the top five for a first time since July 2014.
From valentine’s day, trading on XRP has not strayed far below the $0.57 price levels. This year, it did achieve its peak on the first day of this month, trading at $0.71. According to the XRP community, the coin still has good prospects since it’s maintaining this high price amidst battling with a lawsuit.
Sadly, reports from U.Today suggest that it is doubtful that Ripple and the Regulator can reach an agreement. However, some crypto enthusiasts opined that Ripple labs can achieve a lenient block-one style compromise with the regulatory trading authorities.