By Shelly Melancon (Switzerland)
Coinbase and various other exchanges have XRP coins of about 280 million (almost $133 million) within the past 21 hours. While the transfers were made in batches, there was one large transfer of 200 million XRP. However, XRP continues to trade within the $0.45 range and it has been within that range for the past three weeks (based on CoinMarketCap’s evaluation).
Whale alert’s tweet to confirm the transfer on Twitter. Source: Twitter
Exchanges Move Almost 280 Million XRP Coins
Blockchain tracker, whale alert had observed that lots of XRP lumps have moved over the last 21 hours. Each lump of transfer was an average of 20 million XRP, but Coinbase made the largest one-lump transfer of 200 million XRP. Binance and Bitgo joined Coinbase in transferring these XRP coins. It would be recalled that yesterday, the fintech giant, Ripple conducted an XRP business that was worth at least 780 million XRP. While XRP maintains its top seven rankings among other cryptocurrencies, the digital asset’s price has increased by over 100% since the beginning of this year and has made it overcome all the losses that resulted from the SEC’s legal action against the firm and its top executives late last year. There have been several other anonymous XRP transactions in the past few weeks.
Also read:Is Coinbase Disregarding SEC Ruling?
After SEC sued the ripple company and two of its top executives, Coinbase had stopped any trades involving XRP. But, strangely, it continues to have business deals that involve XRP. 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, it doesn’t seem that SEC’s lawsuit will hurt the platform’s reputation significantly as exchange giants are yet to denounce their plans to go public soon.
Even though most digital exchanges are delisting XRP from their platform, it is still of interest to some traditional investors. One of them is the Central Bank of France which according to a CPA Australia report plans to use XRP ledger as their platform of choice to launch a central bank digital currency.
Ripple Remains Defiant Despite SEC Lawsuit
Despite SEC’s lawsuit breathing down their neck, Ripple remains defiant as it insists that SEC had previously declared XRP as a digital currency six years ago. Also, Ripple’s legal representatives are insisting that SEC must show evidence where they regard Bitcoin and Ethereum as non-securities during the court process.
There are various postulates about what can happen if the SEC should win its suit against XRP. One theory would be that Ripple will register as a SEC co., and XRP would be classified as a security. If they tow that path, they would become a competitor for swift and similar companies who operate a business model of remittances. But it is highly unlikely they would get any foothold on this market audience, and they may die off. Another postulate is that the government will only fine Ripple and declare it a commodity as they did with other similar entities.
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