Bitstamp, BTC Markets, and several other crypto exchanges have transferred a total of 72.6 million XRP tokens in the last 24 hours, according to data posted by the Whale Alert team.
In conventional fiat currency, this amount equals $64,916,397.
Bitstamp is a bitcoin exchange established in Luxembourg. It allows trading between fiat currency, bitcoin and other cryptocurrency.
However Because of the US Securities and Exchange Commission’s recent filing against Ripple Labs, which alleges XRP is a security, cryptocurrency exchange Bitstamp said it would suspend XRP trading and deposits for all US customers on Jan. 8, 2021.
Coinbase has been caught several times transferring significant quantities of XRP from internal and external wallets since it was suspended.
Customers of Coinbase can still store and withdraw XRP at their leisure. It has also assisted in the transfer of the aforementioned XRP number.
$2 FOR XRP ON CARDS SOON?
XRP has gained significant value in the last 24 hours. The seventh-largest crypto has continued rallying, climbing to the $1.5 level on Binance.
XRP Whale Transfers
Crypto tracker Whale Alert has reported that Ripple, Binance, and other small exchanges have moved 127.3 million XRP tokens.
According to Whale Alert, the crypto giant Ripple labs has wired a massive amount of 39.1 Million XRP tokens to the largest Dex by volume Binance, which then moved the funds further.
It was also seen, the same amount of XRP was shifted internally between Ripple wallets.
These large transfers from Ripple to Binance are to facilitate the token’s liquidity. A vice versa transfer also happens at periodic intervals of time.
The tokens were worth $71858922 in fiat currency.
Ripple Labs now has an upper hand in its lawsuit.
Ripple Labs has had some positive outcomes in protecting its interests in the legal fight against the US securities regulator that began in late December 2020.
The federal court has agreed to hold a telephonic discovery conference in response to Ripple’s request that the SEC be forced to produce documents related to Bitcoin and Ethereum’s non-security status. this is scheduled for April 6.
Also, the XRP supporter group can now file a motion to intervene in the case. This motion was opposed by SEC earlier.
In another interesting incidental event, Jay Clayton, the former Chairman of the Securities and Exchange Commission, who launched the legal action against the firm, has now entered One River Asset Management, a cryptocurrency fund focused on Bitcoin and Ether in particular.
At the time of writing, XRP is trading at $0.5469 with a market cap of 54.69B.
Ripple Transferred $55M Worth XRP Previously
Ripple has transferred a lump sum of 20 million XRP (equivalent to $10,007,262 USD), according to blockchain data posted by Whale alert, and Binance has served as sender and recipient in three transactions totaling 35 million XRP. With Binance wallets being used in two of them.
As per reports Ripple also has transferred money from one of its wallets to another which the company used to send XRP to exchanges for sale or to help the coin’s liquidity.
Ripple Labs has recently been moving huge quantities of XRP on a daily basis in order to keep sending XRP to its partners. The business has collaborated with 15 more banks after the SEC took legal action against it.
Furthermore, Ripple is facing significant costs related to the legal proceedings and the large legal team required to protect Ripple Labs, Brad Garlinghouse, and Chris Larsen’s interests in court against the SEC.
Ripple V/S SEC
In a new twist in the Securities and Exchange Commission’s (SEC) battle with Ripple Laboratories, US judge Sarah Netburn has ordered all parties to hold a “telephonic discovery conference on Tuesday, April 6, 2021,” according to the SEC. The judge’s order orders the parties to address Ripple’s lawyers’ motion to compel.
The judge’s order brought Ripple supporters on Twitter and eventually praised the judge’s ruling which they believe will help the fintech firm’s case. For instance, a Twitter user known as Kingslayer wrote,
This would be a huge step, as finally the internal comms of the SEC News will be revealed. April 6 will be a day to look forward to. A lot of clarity might come out.