Over the past 20 hours, San Francisco-based crypto exchange Coinbase, an anonymous crypto whale, and several other trading platforms have moved a staggering 425 million XRP coins, according to popular crypto tracking service Whale Alert.
In fiat currency, this amount corresponds to $ 237,086,599. Besides, XRP fell back to sixth place on the CoinMarketCap scale.
Whale Alert detected four transactions carrying a total of 425 million XRP. The two largest are by Coinbase, the largest US-based digital currency exchange. It carried 220.3 million XRP between their wallets and sent 178.9 million XRP to an anonymous address. Details were provided by Bithomp website, which deals with XRP analytics.
The other two transfers were made by the exchanges OKEx and Kraken. They handled 10 million and 16 million XRP transactions.
Meanwhile, IT engineer Jed McCaleb, who helped found Ripple Labs and was the company’s first CTO, sent 76 million XRP coins from his “tacostand” wallet for sale. Before that, another 40 million XRP had been put on sale. According to XRP researcher Leonidas Hadjiloizou, Jed has 2.896 billion XRP remaining, which can be sold by the end of the year.
Contrary to what is expected as another major development happening today, Ripple Labs and the United States Securities and Exchange Commission reported that there is “no possibility of an agreement right now,” according to a joint document. As of now, it is not yet clear what the possible consequences will be for Ripple and XRP. However, this did not prevent speculation from continuing. For example, according to Stephen Palley, digital currency attorney at Anderson Kill:
“For XRP to survive, Ripple must reach an agreement with the SEC and not insist on the risky illusion of eventual success in the US Supreme Court, and replace the Howey Test with the Ripple Test.”
The above mentioned joint letter should also be evaluated in the context of Brad Garlinghouse’s statements last month. In a Twitter post, Garlinghouse explained that Ripple is indeed trying to reach a deal with the SEC so that “the XRP community can continue to innovate and protect consumers and regular markets.”
Garlinghouse has good reason to pay attention to maintaining “regular markets”, especially as the market report for Q4 2020 found that XRP volumes of about $ 58 million were affected by delisting and suspensions.
Lastly, US president Biden’s SEC presidential candidate Gary Gensler is known to have commented on whether XRP was a security in the past, it seems that the next few months will be quite interesting for the crypto community.