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7 December 2023
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Ripple, Coinbase and Crypto Whale Transfer 365.7 Million XRP

Ripple blockchain giant has helped to shift 365.7 million XRP together with Coinbase and an anonymous crypto whale.

Crypto tracking service Whale Alert has spotted five astoundingly large XRP transactions that carried a total of 365.7 million XRP. The biggest lump among them was 181 million XRP.

Ripple was one of the parties that participated in sending this gargantuan amount of the XRP token.

XRPImage via Twitter

$98.2 million in XRP wired by Ripple and other major parties

Whale Alert has reported that, over the past 20 hours, Ripple and other high-profile crypto players have transferred around 365.7 million XRP.

This amount in crypto represents a staggering $98,162,899 in fiat.

Ripple crypto giant wired 39.4 million XRP between its wallets. The other participants are crypto exchanges Huobi and Coinbase.

The largest transaction, which carried 180,000,000 XRP ($53,821,418), was made by an anonymous crypto whale as he/she sent it to the wallet of an unregistered owner.

Large XRP transactions have started to take place after the recent lawsuit initiated by the U.S. SEC securities regulator against Ripple; XRP first lost around 30 percent and then continued to decline.

As reported by U.Today earlier, the number of XRP whales (with 10 million XRP or more in their wallets) has begun to decrease. However, retail investors (with 1 million XRP in their wallets or less) keep emerging in the ecosystem.

On Dec. 23, Ripple also wired a whopping 133 million XRP to its former CTO, Stellar founder Jed McCaleb.

XRP collapses to $0.27, erasing this year’s gains

As announced earlier this week by mainstream media and crypto media, the SEC filed a legal action against the Ripple decacorn, accusing the company and its former and current chief executives of selling unregistered securities—as they referred to XRP—to institutional investors and customers in return for mammoth-sized profits.

Around $600 million alone was shared between Chris Larsen and Brad Garlinghouse, the official SEC complaint stated.

On this news, the third largest cryptocurrency, XRP, started depreciating from $0.64. By now, XRP has lost more than 50 percent of its value along with all of the gains it made this year.

At press time, the token is trading at $0.27, according to data from CoinMarketCap.

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