The bot for tracking cryptocurrency Whale Alert has detected many large transactions moving XRP between cryptocurrency exchanges. One of these is U.S.-based open-to-trade platform Coinbase.
Since it has moved an enormous amount of Ripple-affiliated currency Some XRP supporters started to speculate about the possibility of a change in the listing of XRP which could happen in the near future.
89Million Ripple (XRP) moved by Coinbase
The above-mentioned tracker for cryptos discovered five major transactions which included 208.6 millions In XRP tokens.
The portion of Coinbase in this transaction was two transactions that were 88.6 million XRP all. The crypto was transferred through an Coinbase account to another.
To remind you, Coinbase was the first cryptocurrency exchange to stop XRP trading in the month of January, 2021, after the SEC began a legal action on behalf of Ripple Labs in the latter part of December of 2020. The SEC also sued the CEO of Ripple, Brad Garlinghouse and its co-founder, Christopher Larsen, for selling XRP in a manner that was, according to the SEC claimed was unregistered securities. The lawsuit continues to the present day.
These transactions of XRP between internal wallets at Coinbase have led to speculation by some commenters, who thought that Coinbase could be in the process of preparing to return to XRP trading.
From the beginning of 2021 after which the exchange had stopped trading of XRP pairs, it allowed users to store the XRP in their wallets and then deposit and withdraw the currency as they want.
120.3 million XRP exchanged through exchanges as well as ODL venues
The remaining three XRP transactions were handled in the U.S.-based Bittrex crypto trading company to Mexican crypto-megastar Bitso and the European-based Bitstamp.
Bittrex transferred 20 million XRP to Bitso and then transferred the exact amount of coins to Bitstamp. Both exchanges function as Ripple ODL corridors within their respective regions: Latin America and the EU.
In the end, 89 million XRP were transferred through the South Korean Bithumb exchange internally. The total value of XRP that was transferred totals $166,483,409 based on the current exchange rate of XRP/USD.