Ripple Transfers 75 Million XRP, Sparks Speculation

Ripple Labs has been under the spotlight for initiating substantial cryptocurrency transactions. In recent moves, the company has transferred a total value of $52.8 million in XRP. Whale Alert and Bithomp documented these massive transfers.

Canadian Wallet Transfers 100 Million XRP 

Over the weekend, Ripple Labs reportedly received a massive sum of 100,000,000 XRP from an anonymous source. Interestingly, this anonymous source was later identified as a wallet linked to the Canadian cryptocurrency exchange SideShift. Shortly after, the company moved 75,000,000 XRP to one of its wallets. Additionally, another 46,000,000 XRP found its way to an unknown recipient. These transactions may imply that Ripple engages in over-the-counter exchanges or redistributes its assets. 

Additionally, the company also sent 30,000,000 XRP to the Bitstamp exchange. According to Bithomp, the transfer originated from a Ripple wallet. While neither side has commented on these significant financial activities, similar transactions have been observed. Hence, it raises questions about Ripple’s financial strategy, particularly as it undergoes legal and regulatory challenges.

XRP Regulatory Hurdles

Ripple is also facing challenges on the legal front. Coingape reported that XRP lawyers have criticized the New York State Department of Financial Services (NYDFS) for delisting XRP from its approved cryptocurrency roster.

Despite a court ruling that XRP isn’t a security, the regulatory body appears to be skirting the issue. Consequently, this move indirectly curtails XRP’s operations in the New York jurisdiction, where Ripple already holds a license.

In response to these developments, XRP has shown a moderate price gain. Currently, XRP is trading at $0.5091, marking a 1.07% increase over the last 24 hours. Intraday trading has seen highs of $0.5133 and lows of $0.5. Additionally, XRP volume has surged by 34.01% to over $1 billion.

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Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously he co-founded Govt. of India supported startup InThinks and is currently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has published more than 100 articles on cryptocurrency and blockchain and has assisted a number of ICO’s in their success. He has co-designed blockchain development industrial training and has hosted many interviews in past. Follow him on Twitter at @sharmasunil8114 and reach out to him at sunil (at) coingape.com

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