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Crypto Exchange Giant Coinbase has Moved a Large Chunk of XRP to its Internal Wallet

Christian Klausen

ByChristian Klausen

Jul 12, 2021
“XRP Is Security & Not Crypto Currency”, Says SEC

The whale alert reporter on Twitter informs investors that the San Francisco-based crypto exchange giant, Coinbase moved XRP in huge quantities. As reported by the crypto analytics services during the last 20 hours, Coinbase had moved a total of 61,999,980 XRP tokens. This massive reserve has been transferred to the internal wallet of the crypto trading giant.

XRP was delisted by all major crypto trading platforms last year when SEC filed a $1.3 billion lawsuit on the Ripple Labs executive brass. The token also lost a significant portion of its value, and it is currently trading for a measly value of $0.624. It should be noted that, unlike Binance and some other crypto trading platforms, Coinbase has not resumed public trading for XRP to date. Nevertheless, it keeps moving the controversial token to internal and external wallets.

Ripple Labs Lawsuit is not Coming to an End

A few days ago, the news updates from the Ripple Labs and SEC lawsuit went silent. Investors were worried about whether, from this point, all the legal proceedings would take place behind closed doors. John Deaton made it a point to make a case in the court for introducing 17,000 XRP investors as a third-party defendant in the case.

However, SEC managed to get a six weeks extension for the case instead of discovery research. The new evidence has been brought from the foreign regulatory agencies where Ripple Labs have opened up branch offices and established business partnerships. Defense lawyers argued in the court that such a grant of extension could jeopardize the existence of the company.

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Elizabeth Warren is a US senator who is not a big fan of cryptocurrencies. She proved the notion by penning a letter addressed to new SEC chief Gary Gensler. The letter calls on SEC to play its role in mitigating the financial risks posed by the volatile and opaque cryptocurrencies market spearheaded by Bitcoin.

Jack Dorsey previously unfollowed warren on Twitter due to his disapproval of her anti-Bitcoin stance in a senate hearing on July 9, 2021. A commenter on Twitter opines that exchange markets like Coinbase will be able to relist XRP after Gensler complies with Warren’s instructions and introduces a new regulatory charter for virtual currencies.

Christian Klausen

Christian Klausen

Christian Klausen is a talented news writer renowned for his compelling storytelling and comprehensive research. With a sharp eye for detail, his articles offer readers a thought-provoking and well-informed perspective on a wide range of current topics.

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