Ripple made two major transactions, 10 millipn XRP to Coinbase Pro with one of them, while Coinbase Pro wires over 35 mln XRP

By Selena On Aug 31, 2020

According to XRPL Monitor, Ripple continues to move a large number of XRP to significant exchanges. Of which, Coinbase Pro is one of the most frequently chosen destinations.

Ripple continues to shift gargantuan amounts of XRP to major exchanges like Coinbase Pro

Aside from that, Coinbase Pro has also transferred a staggering amount of XRP – over 35 million. Coinbase has a platform where their customers can transfer money worldwide for free, using stablecoins XRP and USDC.

XRPL Monitor has shared data on some of the significant XRP transactions made over the past 24 hours. Among the senders is Ripple. The company made two transfers of 10 million XRP each, for a total value of $ 5,615,431. Half of that money went to exchange Coinbase Pro. The other half is transferred between Ripple wallets.

Transaction Type: Payment
Amount: 10,000,000 XRP
Fee: 100 drops (0.0001 XRP)
Sender: rpQVujdWMw2odm8gQHiyGM7qrbkyQmf1sZ
Sender Balance: 99.9949
Receiver: rDsbeomae4FXwgQTJp9Rs64Qg9vDiTCdBv
Receiver Balance: 42,045,179.101563
Link: https://t.co/OnyYvnDgC8

— XRPL Monitor (@XRPL_Monitor) August 31, 2020

Transaction Type: Payment
Amount: 10,000,000 XRP
Fee: 100 drops (0.0001 XRP)
Sender: rMND5vHirAL1AUCDfqvGtBkgnEgVeB4X7h
Sender Balance: 99.9952
Receiver: rpQVujdWMw2odm8gQHiyGM7qrbkyQmf1sZ
Receiver Balance: 10,000,099.995
Link: https://t.co/HlSH1LzeUV

— XRPL Monitor (@XRPL_Monitor) August 31, 2020

Previously, Ripple also transferred a large amount of XRP, including former chief executive Chris Larsen.

San Francisco-based Coinbase Pro exchange led by Brian Armstrong, was found to carry out some transactions that carry between 7 million and 9 million XRP, sending a total of 35,188 million XRP.

Analysis site Bithomp’s data has revealed that these transactions are carried out between Coinbase Pro’s internal accounts.

For a few years, Coinbase has been running a free cash transfer service for its customers. Curiously, the cryptocurrencies offered for that purpose are XRP and USDC – stablecoins issued by Coinbase alongside London-based company Circle.

Ripple’s CEO Brad Garlinghouse says signs point to further dollar debasement

Ripple CEO Brad Garlinghouse shared his take on the Federal Reserve’s historic decision to allow inflation to overshoot the 2% target. Garlinghouse believes that this unprecedented monetary policy shift is setting the stage for further dollar debasement “in the near term,” which will benefit the crypto industry.

On Aug. 27, Fed Chairman Jerome Powell caused a market turmoil with his virtual speech that put an end to the long-lasting policy of quantitative tightening that keeps inflation at bay by raising interest rates. Powell made it abundantly clear that the central bank was willing to keep interest rates at 0.25% for years to come.

The 2% threshold, the legacy of former Fed chief Ben Bernanke, is no longer in play as the Fed is struggling to revive the struggling economy. Bitcoin and gold moved sharply higher on the news but they quickly gave up their gains. Both of these assets are in the green today.

Earlier this month, Garlinghouse noted that the global population was losing confidence in the U.S. dollar, creating a need for diversification:

“As global populations continue to lose confidence in fiat currencies (as we’re seeing with USD), they will choose to diversify. Our future global financial system will do the same.”

That said, “debasement fears” might be exaggerated even in the light of the Fed’s most recent U-turn.

Jonathan Golub of Credit Suisse recently told the Financial Times that he expects the world’s largest economy to undergo “Japanification”:

“We’ve had 30 years of Japan doing very, very aggressive policy, and you didn’t get either inflation or growth there. Why do we believe we are going to be different?”

Despite maintaining its extremely loose monetary policy for years, debt-ridden Japan is failing to increase inflation and restore its stagnating economy.

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