Almost 120 million XRP tokens have been shifted by Binance, Bitfinex and some other large crypto exchanges
According to popular blockchain service Whale Alert, which offers data on large crypto transactions in various cryptocurrencies, several large players from the crypto industry shoveled a large amount of XRP tokens: almost 120 million of them.
117 million transferred by some of the largest exchanges
As per data shared by Whale Alert, over the past 15 hours, several major crypto transfers were performed by large crypto trading platforms: Binance, Bitfinex and a few others.
The largest lump of XRP—50 million—was moved by Binance to custodial platform BitGo and wired 10 million XRP to another small exchange.
Bitfinex shifted 31,999,990 XRP to the Bitstamp exchange. In turn, Bitstamp also sent 25,029,660 XRP to BitGo.
The overall fiat equivalent of the transacted amount of XRP is $127,884,027.
As reported by U.Today on Sept. 15, Binance was also involved in transferring 100 million XRP together with the Ripple distributed ledger tech provider.
Coinbase refuses to relist XRP
As covered by U.Today previously, the largest U.S.-based crypto exchange, Coinbase, has recently rejected rumors of relisting the Ripple-affiliated XRP coin on its Coinbase Pro platform. The exchange suspended XRP trading in January this year after the U.S. Securities and Exchange Commission initiated a legal suit in December against Ripple Labs and two of its top-ranking executives—Bradley Garlinghouse and Christopher Larsen—for allegedly selling unregistered securities (XRP) to institutional investors.
SEC threatens to burn Coinbase’s heels
Notably, Coinbase itself has recently found itself in hot water with the SEC as the securities regulatory agency threatened to sue it over the yield product that it plans to offer customers soon. The SEC stated that the lending product that Coinbase intends to launch is an “unregistered security.”
The head of Coinbase, Brian Armstrong, has stated that this unfriendly move by the SEC against Coinbase shows its attitude to the whole innovative crypto industry. The curious fact is that numerous other crypto companies offer lending products to their clients, but only Coinbase has become a target of the SEC’s subpoena. Coinbase, however, complies with all of the agency’s demands.
Still, Ripple CTO David Schwartz recently tweeted that he cannot relate the present case of Coinbase with Ripple’s own, brought up by the SEC in December 2020
XRP Price Hovers Around $1! Here’s When XRP Might break The $1.5 Level ?
Bitcoin price is aiming for an upside break above $63,000. While Ethereum surpassed the $4,200 resistance, major altcoins are showing positive signs.
For quite some time, the price of XRP has been consolidating around $1. The range appears to be narrowing, and a breakthrough appears to be approaching.
XRP Price Action
After plunging below $1.10 XRP/USD is currently moving sideways to test support at the $1.04 level. At present, the support near $1 is holding well, and altcoin is testing the resistance at the $1.2 pivot level.
Meanwhile, a break above the pivot level may most likely take XRP/USDT price above the potential $1.25 followed by $1.30, and $1.35 resistance levels in case of an extended rally.
XRP to test resistance at $1.24, but clearing this will open the path to $1.43. In an extremely bullish market sentiment, the crypto could extend gains and retest $1.67 or $1.84, with a nearly 67% gain.
On the Downside, if the XRP price fails to hold above $1.2, the altcoin might drop to a $0.95 support level.
Sec Vs Ripple Deadlock
The current legal dispute that Ripple is engaging in with the US regulator continues to stymie the company’s favorable correlation with Bitcoin pricing. The matter is still pending since the court recently granted the SEC’s request for an expert discovery extension. This is a two-month extension.
The Ripple team isn’t happy with the decision, claiming that the extension will cause Ripple markets in the US to become even more frozen. Ripple alleges that practically all digital exchanges in the United States have stopped trading Ripple pairs, causing the token’s company to suffer “severely” and allowing Ethereum to overtake it as the second most valued cryptocurrency.
Investors are currently focusing their attention on other combinations that have the potential to deliver gains. Holders of the XRP token will now be looking for returns based on the pattern.
XRP Now Accepted by FRIETSHOP Wetteren Restaurant in Belgium
Ripple-affiliated XRP cryptocurrency is now accepted as payment in Belgian restaurant FRIETSHOP Wetteren as crypto adoption spreads wider
According to a tweet posted on the Twitter handle of the Belgian restaurant FRIETSHOP Wetteren, it started to take XRP as payment for meals on Monday.
XRP adoption slowed down by SEC’s legal suit
The tweet was shared by prominent XRP community member @MackAttackXRP. Thus, the adoption of XRP continues. This past summer, CoinDesk reported that XRP, as well as the two biggest cryptos – Bitcoin and Ethereum – would be accepted by Paraguay’s Universidad Americana as payment for educational courses and scientific degrees.
XRP adoption seems to be slowed down due to the legal suit brought by the U.S. Securities and Exchange Commission against Ripple Labs, as well as two of its highest ranking executives – the CEO and the co-founder – in December of last year.
In January, multiple crypto exchanges turned their backs on this cryptocurrency, suspending XRP trading. Among these exchanges are Coinbase, Binance U.S., Bittrex and Bitstamp.
The XRP community has been posting frequent tweets addressing Coinbase with requests to resume XRP trading, but the coin has not been reinstated on this platform yet.
Brian Armstrong supports Ripple and XRP
However, as reported by U.Today earlier, Coinbase CEO and co-founder Brian Armstrong has posted a series of tweets. In them, he expressed support for Ripple and XRP in the legal war against the SEC.
In August, the U.S. securities and exchange regulator threatened to take Coinbase to court as well, over the lending product the crypto exchange was readying to launch to the market.
The new app was meant to offer users a chance to lend their USDC to other users and earn interest on that. However, the SEC contacted Coinbase, stating that the new LEND app was an unregistered security (the same accusation leveled at Ripple over XRP) and threatened to sue the platform.
Armstrong then tweeted that the regulator had allowed multiple other crypto players to launch a similar product but threatened to sue only Coinbase. According to him, Coinbase is happy to comply with any clear law or set of rules in this sphere. However, the SEC has offered none and is ignoring Coinbase’s questions as to why the new crypto lending feature may happen to be an unregistered security.
Coinbase CEO Shows Support for Ripple and XRP Amid Battle with SEC
The XRP Army believes that Brian Armstrong could be hinting at relisting the cryptocurrency
Coinbase CEO Brian Armstrong has displayed support for Ripple in its fight against the U.S. Securities and Exchange Commission.
In a series of recent tweets, Armstrong writes that the company’s case is seemingly going “better than expected.”
Armstrong stressed that launching attacks against the crypto industry and hurting investors is “politically unpopular.”
The head of the largest American exchange then channeled Ripple’s oft-repeated talking point about the SEC hurting consumers instead of protecting them:
The irony is that the people they are supposedly protecting are the ones attacking them.
XRP relisting rumors get a new life
Armstrong’s tweets inevitably reignited rumors about Coinbase potentially relisting XRP on its platform.
The exchange moved to suspend XRP trading after the SEC filed a lawsuit against Ripple on Jan. 19, which triggered a massive price drop.
As reported by U.Today, Coinbase relisting rumors started making the rounds on social media after XRP trading pairs started showing up on the company’s mobile app last month, but it ended up being a bug.
Despite its legal troubles, XRP has remained resilient, with crypto mogul Mike Novogratz recently noting that the cryptocurrency has tripled in value since the agency filed its complaint.
The value of $XRP has actually almost tripled since the SEC actions. It hasn’t plummeted. It’s a testament to the fact that once communities are formed with shared interest they are damn resilient. https://t.co/0IPcd8wyuN— Mike Novogratz (@novogratz) October 17, 2021
Coinbase’s run-in with the SEC
Ripple started alighting itself with Coinbase after Armstrong publicly called out the SEC for threatening to sue the leading exchange over its yet-to-launch lending offering.
Even though the company caved in to the SEC’s demands and shelved the product in question, it seems like it hasn’t buried the hatchet with the formidable regulator.
Earlier this month, Coinbase proposed replacing the agency with a new cryptocurrency-focused regulator, arguing that the laws from the 1930s were not suitable for the “technological revolution.”
The exchange will have to convince Congress to pass a legislation that will establish a dramatically different regulatory regime that it envisions.