Over 117 million XRP have been shifted by Binance, Bitfinex and some other large crypto exchanges

According to Whale Alert, several significant exchanges from the crypto industry have purchased a large amount of XRP, over 117 million tokens, or $125,593,639.


Source: Whale Alert

Over 117 million XRP transferred by some of the largest exchanges

Within the past one day, several significant crypto transfers were made by major crypto exchange platforms: Binance, Bitfinex, and Nexo several others.


Source: Whale Alert

The largest XRP transaction of up to 50 million tokens was transferred by Binance to the BitGo custodian platform and transferred 10 million XRP to another small exchange. Bitfinex transferred 31,999,990 XRP ($34,738,963) to the Bitstamp exchange. In return, Bitstamp also sent 25,029,660 XRP ($26,917,017) to BitGo. The overall fiat equivalent of XRP traded is $125,593,639.

Before that, Binance was also involved in the transfer of 100 million XRP and distributed ledger technology provider Ripple. These trades took place when the XRP price was continuously sideways in the tight zone of $1.07 – $1.1.

It can be seen that the exchanges are constantly transferring and trading XRP. Meanwhile, the largest US-based crypto exchange, Coinbase, still rejects the token.

Recently, Coinbase denied rumors of linking the Ripple-affiliated XRP on its Coinbase Pro platform. The exchange suspended XRP trading in January of this year after the US Securities and Exchange Commission (SEC) initiated a legal suit in December against Ripple Labs and two of its top-ranking executives—Bradley Garlinghouse and Christopher Larsen—for allegedly selling unregistered securities to institutional investors.

However, Coinbase recently got into trouble with the SEC when the securities regulator threatened to sue them over a profit product it plans to offer customers soon. The SEC stated that the lending product Coinbase intends to launch is an “unregistered security.”

The head of Coinbase, Brian Armstrong, has stated that this unfriendly move against Coinbase shows its attitude to the whole innovative crypto industry. The curious fact is that numerous other crypto companies offer lending products to their clients, but only Coinbase has become a target of the SEC’s subpoena. Coinbase, however, complies with all of the agency’s demands.

Still, Ripple CTO David Schwartz recently tweeted that he cannot relate the present case of Coinbase with Ripple’s own, brought up by the SEC in December 2020.

Ripple’s native token needs more effort to hold 6th position with Solana

Not long ago, as AZCoin News reported, Solana (SOL) took 6th place of XRP on CoinMarketCap rankings. However, now XRP has regained its place. But it seems that XRP needs more effort to hold this position because Solana is growing very fast.

Solana Status Twitter account has confirmed that the successful restart of the network should happen in several hours. Previously, Solana mainnet was down or experiencing troubles moving transactions through for almost 24 hours. The network went offline after reaching the peak of 400,000 TPS.

After encountering a large transaction volume, the beta version of Solana mainnet faced problems with processing it on the network. Transactions flooded the queue, which led to the forking of the network. After forking began, the mainnet started to consume large volumes of memory and eventually went offline.


Source: CoinMarketCap

Currently, the XRP price is trading at 1.09, and SOL is changing hands at $159.

Read more:

Follow us on Telegram

Follow us on Twitter

Follow us on Facebook

You might also like