Whale Alert that tracks the various crypto activities and reports them, has highlighted that a substantial amount of XRP has been transferred to Coinbase via an account with no identity revealed. The massive XRP transaction is worth $27 million.
100 Million XRP transferred to Coinbase from the anonymous exchange.
Massive Number of XRP Moved to Coinbase
As per the crypto tracking firm Whale Alert, close to 100 Million XRP tokens were wired to Coinbase. The Coinbase exchange is one of the largest US-based exchange used heavily for cryptocurrency transactions. It is interesting to note that Coinbase delisted XRP from its platform. The exchange suspended XRP trading considering the recent lawsuit filed by the United States Securities and Exchanges Commission accusing Ripple of selling unregistered securities in the country. While Ripple Inc claims that XRP is an open-source cryptocurrency, SEC has continually pressed that XRP is a security. While trading is suspended, an anonymous account transferred around 100 Million XRP tokens via Coinbase.
Even though Ripple is facing tribulations in the United States, the RippleNet has recorded more than $2.4 billion valuation transactions through its ODL solution, which provides low-cost transfers. XRP transfers through ODL from financial institutions also grossed 3 million. Japan has recently said that XRP is not a security in the country.
Several anonymous XRP transfers have been recorded and reported by Whales Alert in the past as well. In November 2020, an unidentified user transferred 400 Million XRP tokens from a dormant address that had not been used since 2013 to Bitstamp.
RippleNet is set to expand its operations and step into the business to business and corporate payments. Ripple Inc is also fighting the case against the SEC lawsuit to safeguard its executives. The firm is constantly pressing on the status of XRP in the country and has also called out SEC for not safeguarding investors’ interests in the country.
Bithomp clarified through the data that the transaction was done between two Coinbase wallets in an internal transaction.
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