Saturday, March 6, 2021

Ripple, Coinbase, Bitfinex Moved Almost 100 Million XRP

Whale Alert, the tracker of large transactions of cryptocurrencies from and to exchanges, has reported two transactions of the digital token XRP by Ripple, and two major exchanges, Coinbase and Bitfinex.

The total amount of XRP reportedly moved by the three notable crypto entities is 99.2 million worth around $28.4 million as of the time of writing.

Read Also: Mexican Fintech Lawyer Analyzes SEC’s Major Point against XRP and Why It Is Unnecessary

Details of the XRP Transactions Involving Ripple and Two Major Exchanges

According to Whale Alert, the two major transactions involving Ripple, the cross-border payment firm, Bitfinex, and Coinbase, carried 30 million and 69.2 million XRP.

The first transaction was effected by Ripple, while the second involved the transfer of 69.2 million XRP from Bitfinex to the US-based crypto exchange, Coinbase.

The remaining 30 million XRP was moved between Ripple’s wallets, which is likely its operational expenses.

Read Also: Japan’s Top Securities Regulator Says XRP Is Not a Security

Bitso’s ODL Liquidity Index on the Increase

In another development, the liquidity index on Mexico-based exchange Bitso has experienced a significant increase to 9,154,990. However, the number is still very far from its all-time high of 32,705,851.

Read Also: Ripple CEO Brad Garlinghouse Kicks against Coinbase’s New Apolitical Policy

Twenty-One Attorneys Hired To Defend Ripple in Court

As seen on the court documents, Ripple, CEO Brad Garlinghouse, and co-founder Chris Larsen, have jointly submitted the names of the Attorneys for the case against the United States Securities and Exchange Commission (SEC).

Four of the Attorneys will represent Brad Garlinghouse, another four will work with Chris Larsen, while the rest will represent the payment firm, Ripple.

On 22nd December 2020, U.S. SEC filed a lawsuit against Ripple for the sale of XRP deemed as unregistered securities for about seven years. The two of its top executives also received similar accusations.

This notable legal action has prompted a number of exchanges and crypto-related firms to suspend or terminate their usual relationship with the digital token XRP.

Read Also: Ripple Locked Back 900 Million XRP Out of 1 Billion XRP Unlocked, Focuses On OTC Sales

Although there has been a change of leadership in the SEC since the lawsuit was filed. Jay Clayton, the SEC chairman who fronted the filing has resigned from the position, and acting chairman has since been appointed.

The latest report now is that the administration of the President-elect, Joe Biden, has named the crypto-savvy Gary Gensler as the new chairman of the U.S. SEC.


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Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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