By Solomon Odunayo
According to Whale Alert, the tracker of large transactions of digital currencies from a wallet to exchanges, Ripple, the cross-border payment firm, and two major cryptocurrency exchanges, collectively moved over 500 million XRP over the past 24 hours, as more top trading platforms announce their intention to delist XRP.
As the data provided stated, Ripple, Bitstamp, and Coinbase, wired a whopping $150,738,404 worth of XRP.
Ripple transferred 50 million XRP to an unknown wallet, Bitstamp wired 89 million XRP, while the rest of the XRP transacted were wired from unknown wallets to Coinbase.
Read Also: Ripple CEO Brad Garlinghouse Predicts Big Run for Bitcoin (BTC) and Crypto Markets
Crypto Exchanges on XRP Delisting Spree
Since the lawsuit filed by the U.S. Securities and Exchange Commission (SEC) on 22nd December 2020, cryptocurrency exchanges have been on an XRP delisting spree.
Bitstamp, a crypto exchange based in Luxembourg, was the first major exchange to announce its plan to suspend XRP trading and deposits on its platform. The move was followed suit by a number of exchanges, including Coinbase, Bittrex, Binance.US, Crypto.com, among others.
Virtually all the exchanges that intend to delist XRP on their trading platforms chose one of the days in January 2021, which implies that many United States XRP holders will lose assess to trade and deposit their choice digital asset by the end of January 2021.
Read Also: Grayscale Investments Dumps Massive Portion of its XRP and XLM Holdings
Coinbase Sued For Selling XRP Illegally
As reported a couple of hours ago by Herald Sheets, the largest cryptocurrency exchange in the United States has been sued by an individual known as Thomas C. Sandoval, for allegedly receiving commission from the illicit sales of XRP.
Read the allegation in part as follows:
“Coinbase holds itself out as a digital asset exchange, essentially a commodities broker for cryptocurrency “tokens” such as Bitcoin. Coinbase is not licensed to sell securities.
“Until late this month Coinbase sold the XRP token, the value of which was entirely linked to the success or failure of Ripple Co. and the managerial efforts of its executives. Indeed, Ripple Co.’s survival as a corporate entity depended on its sale of unlicensed XRP securities to the public to fund its business operations.
Read Also: World Economic Forum: XRP Is The Most Relevant Digital Asset For Wholesale CBDC
“XRP is a security and not a commodity because Ripple Co. has sole control over the purpoted cryptocurrency’s “nodes,” and is therefore a common enterprise for purposes of the federal securities laws. Investors such as Plaintiff invested capital in XRP with the expectation of profit from Ripple Co.’s sole efforts.”
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