474 Interactions, 2 today
The business position of XRP had its fair share of problems as a result of Ripple’s pending litigation with the SEC. Despite the impact on the stock, the value of XRP stood above $0.4. However, there has been intensified activity between Ripple and Coinbase that may have an effect on the business standing of the coin.
According to Whale Alarm Ripple and Coinbase, there have been several transactions. The number of coins exchanged amounted to more than 235 million, equal to $108 million worth of XRP.
— Whale Alert (@whale_alert) March 11, 2021
Ripple traded almost 37.4 million XRPs worth 16.5 million dollars, with its wallets marked RL18-VN, allegedly used for the company’s cash-out. Although Coinbase transferred a huge 20 million coins, as mentioned above, with a single transaction. This transaction affects crypto users as Coinbase, along with Ripple, has also been fighting an SEC case for “fake XRP transactions” since late December.
The exact effect of this strong movement of the digital commodity remains uncertain, however at the time of the news, the value of XRP fell by 7.64 per cent in five hours. Its price fell from $0.4582 to $0.4232 but managed to rebound a little and traded at $0.4372.
The market upheaval followed new developments in the ongoing litigation by the US Securities and Exchange Commission demanding confidential financial records from Ripple Execs Brad Garlinghouse and Chris Larsen.