Coinbase, Ripple and Exchanges transfer 64 million XRP
Popular crypto spy whale alert has revealed via a series of tweets that fintech behemoth, ripple, and top crypto exchanges have made about $57 million worth of XRP transfers in the last 24 hours.
Ripple Sends More Millions Of XRP To China
San-Francisco-based blockchain giants, Ripple keeps moving several million dollars’ worth of XRP to a hugely famous Huobi-based crypto exchange. Reliable sources reveal that more than 4 million XRP was sent to the exchange today May 22, 2021. Research by Bithomp analytics firm confirms that this is the same volume that ripple moves every day to china over the past week.
Top Crypto Exchanges Move 60 Million XRP
Whale alert revealed that top American and Asian crypto exchanges are involved in almost all of these XRP transactions. Some of the top exchanges involved in the transactions include Binance, Huobi, Bittrex, and Upbit. So far, almost 60 million XRP has exchanged hands between these leading crypto exchanges.
Whale alert tweet Source: Twitter
The blockchain data and analytics system for high-volume crypto trades also revealed that Jedd McCaleb, Ripple labs co-founder has moved more than 400 million XRP in the last 21 days. From May 2, 2021, he has made 20 XRP transfers resulting in a 27% reduction in his net worth. This week alone he has transferred more than 60 million XRP. Despite the staggering amounts of XRP that he has moved, he still has up to 400 million XRPs in his wallet even if the worth of those XRPs has been reduced due to recent happenings in the market.
Market Decline Causes Decline Crypto Billionaires’ Net Worth
In another development, the turbulence in the market in the last few days has caused a decline in the net worth of most crypto billionaires per a Forbes report. Former ripple lab CEOs Chris Larsen and McCaleb each lost $1.3 billion and $1.6 billion respectively within nine days – May 10 to May 19. Within the same period, ripple’s current CEO Brad Garlinghouse’s net worth also declined from about $7 million to about $5.7 million. Also, MicroStrategy CEO, Micheal Saylor, and Coinbase CEO, Brian Armstrong lost 46% and 15% of their net worth. However, binance CEO, Changpeng Zhao’s net worth didn’t suffer any decline during this period as his $1.95 billion net worth wasn’t affected at all.
The Bitcoin market decline which affected all altcoins didn’t spare XRP as its price declined by about 61% resulting in arguably the worst ripple price decline in history.
The ongoing legal saga between SEC and ripple labs has reached a new turn with a court ruling granting the commission the right to reach out to other countries’ regulators to obtain more details regarding Ripple’s XRP trade deals. The court cited Ripple’s reasons for stopping SEC as a non-basis. The FinTech giants had earlier blocked the commission from taking this route as it considers SEC’s actions a contravention of The Hague Convention. Ripple also accused the commission of using “irrelevancies and malicious attacks” to prevent XRP holders from intervening in the case.
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