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XRP Whales Suddenly Moves 220 Million XRP Amidst Ripple’s Woes

One of the most massive multimillion-dollar stashes of XRP tokens is on the move. Whale Alert, the Blockchain tracker, reported a huge XRP move of more than 220 million XRP valued at around $122 million from Coinbase to an unknown wallet. However, the fee for the move was only 20XRP worth about $10.50.

This transaction was made nearly a month after the trading of XRP, currently, the seventh-largest cryptocurrency by market cap was suspended by Coinbase. The exchange still allows its users to move XRP off of the platform to private wallets. This means that owners are still allowed to transfer their tokens to exchanges that allow XRP trading. The user in question may be preparing to move to another exchange or move it to a private wallet for safekeeping.

Pixabay | Ripple XRP crypto coin physical visualization

Photo Credits: Pixabay | Ripple XRP crypto coin physical visualization

Multiple US-based cryptocurrency exchanges suspended XRP trading because of the lawsuit filed against Ripple Labs and two of its executives early this year. This lawsuit was filed by the United States Securities and Exchange Commission (SEC), which asserts that XRP is an unregistered security and alleges that Ripple and its top execs violated laws and regulations by selling the digital asset.

At the same time, Bitcoin and Ethereum whales are also seen moving massive amounts of the said tokens. In the last two days, six of the largest BTC tokens moved over 1,000 Bitcoins or more. A huge majority of the transactions involved the coins being transferred to unknown wallets. Meanwhile, five Ethereum whales moved at least 20,000 ETH each to unknown wallets as well. 

At the time of writing, XRP remains on the top 7 spot in terms of market cap and is currently trading at the $0.57 area. It stayed at this level since February 14 after falling from a local high of $0.71 on February 1. 

The cryptocurrency trading industry thinks that XRP holding this level despite the US SEC’s lawsuits is a good sign. However, it appears that the regulatory commission and Ripple Labs doubts that a settlement may be reached.

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Jamie West

Jamie is an XRP veteran & keeps his finger on the pulse when it comes to all things crypto.

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