Ripple has joined several big digital platforms in transferring over 347 million XRP, while the coin is up almost 2%
Fintech giant Ripple and several major crypto trading platforms have been spotted transferring almost 350 million XRP, according to data provided by whale alert.
This amounts to $258,188,436 in fiat after the recent small price increase. At the time of writing, the seventh biggest cryptocurrency, XRP, is changing hands at $0.7437.
347.2 million XRP in motion
Whale Alert showed that in the past 20 hours, seven massive XRP transactions have taken place between some of the world’s largest crypto exchanges, with Ripple taking part in this movement of large amounts of funds.
The biggest transactions were made by the Bithumb exchange located in South Korea (90,000,000 XRP worth $67,773,080 USD) and by Ripple. The San Francisco-based DLT service provider has shifted 70,000,000 XRP, which is the equivalent of $50,874,950.
Participants in these transfers included Binance, FTX, Bitso and Bittrex. Binance and Bitso transferred XRP internally (a total of 59.2 million XRP). FTX transferred 63 million XRP to Bittrex, a major exchange located in the United States.
Bittrex itself has sent a cumulative 65 million XRP to Bitstamp and Bitso. These two crypto exchanges provide platforms for Ripple’s On-Demand Liquidity service (ODL) that ensures seamless transfers of funds around the world.
Ripple transferred 70 million XRP to its alternative wallet, RL18-VN. This address is frequently used for sending crypto outside of the company. Among the recipients are crypto exchanges and institutions, Ripple customers worldwide.
Decision on Ripple case may come by end of this month
As reported by U.Today earlier, the founder of Cryptolaw, John Deaton, shared that the ruling regarding the Ripple v. SEC case may well be issued by the end of March.
The reason is that this case may be on the list of cases pending for six months or more. Unless Judge Torres, who is leading the SEC case against Brad Garlinghouse and Ripple’s Chris Larsen, rules on this, she will have to include this case on the aforementioned list. It will then be submitted to the US Congress.
Recent XRP price action
Ripple-affiliated XRP, the sixth-ranked digital currency by market capitalization, managed to reach a local high at $0.77915 and then demonstrated a drop to the $0.74024 level by now, losing roughly 5%. At the moment, it is up roughly 2%.
At press time, XRP is down 80.56% from its all-time high of $3.84, reached by the coin on January 4, 2018.
On April 14, 2021, the coin managed to soar to a high of $1.8392, which has not been regained since then.
