Tuesday, December 6

115.3 Million XRP Sent by Ripple and Large Exchanges to This Destination

Ripple fintech giant and a couple of large digital exchanges have moved a whopping 115.3 million XRP coins with the San Francisco-based tech firm moving more than half of the total amount.

Ripple moves 70 million XRP out of 115 to its ODL platform

Approximately 15 hours ago, the Ripple blockchain behemoth was spotted making two substantial transfers of 70 million XRP in total. These transactions carried 50,000,000 and 20,000,000 of Ripple-affiliated tokens.

Read Also: Ripple vs SEC: Resolution Probably to Come in 2023 As Stated by Ripple’s Stuart Alderoty

As stated by Bithomp XRP-focussed data provider, one of Ripple’s reserve wallets—RL18-VN—was engaged in both transactions. It was the destination for 50 million XRP and, from it, 20 million coins were sent to Coins. ph, a Ripple-powered On-Demand Liquidity platform running in the Philippines.

The rest of the abovementioned XRP amount was sent from Bittrex to Bitstamp (30,000,000 coins) and by Coinone exchange (15,335,267 XRP).

The overall sum of XRP shoveled by Ripple and exchanges constitutes $74,814,502 in fiat.

Potential SEC win will hardly impact Ripple’s business: CEO

In a recent interview with Bloomberg covered by U.Today, Ripple chief executive Garlinghouse stated that the company is already operating as if the legal case with the SEC has been lost, meaning that the potential victory of the regulator over them will hardly have a big impact on the company’s business.

The CEO stated that 2022 so far has shown the biggest growth for Ripple outside of the U.S., with the company hiring many new employees. Ninety-nine percent of Ripple’s customers are based outside of the U.S., according to the interview.

This is occurring while the XRP token affiliated with the firm has almost no liquidity in the U.S. after a large number of both leading and small exchanges suspended XRP trading in 2021 after the legal complaint by the SEC was filed, prosecuting Ripple, its CEO, and one of its founders of trading “unregistered securities” in the form of XRP.

Read Also: Bitcoin Tribalism Holds the Entire Crypto Market Back Says Ripple CEO

The Ripple boss believes that this fight with the SEC is not only about Ripple, since it is hurting the whole crypto industry. Besides, he accused the regulatory agency lawyers of hiding notes related to the case while claiming they are all for transparency and disclosure, adding that the SEC is doing its best to delay justice in this case.

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