61 Million XRP Tokens Transferred by Coinbase and Binance
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61 Million XRP Tokens Transferred by Coinbase and Binance

February 20, 2021      Sahaj Sharma

Coinbase and Binance, two major cryptocurrency exchanges, have reportedly shifted 61 million XRP tokens in the past sixteen hours, and they were accompanied by another comparatively smaller exchange Bitrue. The transfer data has been provided by the Bithomp website and Whale Alert crypto tracker.

Coinbase and Binance Move XRP Tokens

The Whale Alert Twitter bot has recently detected three big movements in XRP tokens by Coinbase, Binance, and Bitrue. 

According to the data revealed by sources, about 20 million XRP tokens have been moved from Coinbase to Binance. Along with that, about 31 million tokens have been shifted by Coinbase between in its own wallets.

Bitrue, another cryptocurrency exchange, has transferred ten million tokens of XRP, and hence, the total worth of XRP wired amounts to $33,907,358. 

After CEO Brad Garlinghouse, the co-founder Chris Larsen, and Ripple Labs were sued by the United States securities regulator SEC, Coinbase suspended XRP trading in January 2021. Also, to move forward with its plan of direct listing.

However, the lawsuit filed against Ripple did not include the second co-founder of Ripple, Jed McCaleb, who was letting out his XRP stash constantly paid out in small amounts by Ripple as part of the agreement signed with him when he left the company in 2013.

Securities and Exchange Commission also sued Coinbase for charging a trading fee from unlawful XRP trading. Despite Coinbase suspending XRP trades, the users of the platform are still able to hold their tokens in their wallets and can even withdraw them.

XRP on Market Scale

XRP has managed to remain on the list of the top seven digital assets by market capitalization and since February 14, it has been trading in the range close to the price mark of $0.57.

The last peak price it reached this year was $0.71 on February 1. However, the crypto community believes that XRP holding this position despite the SEC lawsuit is a positive sign for the coin

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Sahaj Sharma
Sahaj Sharma

Sahaj is an aspiring journalist with a keen interest in cryptocurrency and the whole concept of Blockchain technology. He is positive about the future potential of Cryptocurrency and Blockchain in shaping the world of finance for good. At present, he is covering the latest developments in the field of the cryptosphere.