An anonymous wallet holder has moved a whopping 250 Million XRP to Bitstamp cryptocurrency exchange, according to data provided by crypto bot platform Whale Alert.
At the same time, XRP parent company Ripple continues to send XRP to Huobi exchange based in China as part of providing its customers and partners with XRP ranging from 7 million XRP to 1.4 million XRP daily.
Over the past three days, the blockchain company has moved 5,390,100 XRP to the Chinese crypto platform with three transfers of 1,796,700 coins. A week before that, the daily transfers totaled 1,586,950 XRP.
One of the reasons for XRP entering the cryptocurrency market includes escrows that Ripple created, a conditional payment feature of the XRP Ledger XRPL where the escrow releases a set amount of remittance tokens every month at a particular date.
In December 2017, Ripple created 55 such accounts that release 1 billion tokens on the first day of each month where the released amount can be used by Ripple or sold to exchanges or deployed as liquidity at their cross-border payment gateways amongst others.
Ripple continues to fight with the SEC as the regulatory agency filed a lawsuit against XRP’s parent company last year.
The blockchain company initially tried to dismiss the case by saying that they were not given fair notice. Following Ripple’s plea, U.S. Magistrate Judge Sarah Netburn ordered the SEC to reveal documents to prove that Bitcoin and Ether are not securities. So far, the SEC has not provided any relevant internal or external response documents.
Even though there are no laws regarding cryptocurrencies, the SEC vs. Ripple case might set the precedent for future securities violations and lawsuits against cryptocurrency projects.