On-chain transactions tracker, Whale Alert has revealed that over 100 million worth of XRP tokens valued at $108 million has been moved on Tuesday. According to reports, two crypto behemoths- Ripple and Binance- had been behind the huge transactions. Though the reason for the token transfers was not disclosed.
Same reports noted that Ripple sent 40 million XRP tokens to a digital wallet (RL18-VN) and Bitso exchange. Meanwhile, Binance transferred 60 million XRP tokens to digital asset custody service BitGo and some other exchanges.
Ripple Sends 40 Million Tokens to Bitso and Digital Wallet
Ripple’s transfer of 40 million XRP tokens may not be unconnected to its case with the US SEC. The RL18-VN wallet serves as an external wallet usually used by Ripple to store its holdings while Bitso exchange is its partner in the Latin American region including Mexico. In a record-breaking funding round conducted earlier this year, Bitso raised $1 billion, attaining a unicorn status and becoming the first to do so in the region.
Despite its legal travails with the US SEC, Ripple has managed to stay afloat, with XRP brazing all odds to reach an all-time high of $2 back in May. In a recent report, Japanese exchange, TATAO owned by SBI announced that it would embrace XRP trading on its platform with a listing scheduled for later this month.
The proposed listing is a big win for Ripple given that Japan wields strict policies on crypto listings, which is why most of the exchanges there only offer few cryptocurrencies for trading. Some of them include Bitcoin, Ethereum, Litecoin and Cardano (ADA) which recently got listed on a Japanese exchange for the first time since the token’s creation.
Ripple Looks Poised to Win Unregistered Securities Lawsuit Against US SEC
Meanwhile, based on recent events, Ripple is likely to have the case with US SEC tilt to its favor. A fatal admission made by the regulator in one of the hearings would play a pivotal role in the final judgement of the court. The US SEC had admitted that it had failed to inform third parties about the status of the XRP tokens when it was asked. This omission challenges the SEC’s claims about XRP being a security, the basis on which it sued the latter.
The lawsuit has dragged on since November 2020 to date with the likelihood of continuing until next year. Still, Ripple is poised to floor the regulator in subsequent court sessions and the final judgement. The outcome of the case is also significant to the state of crypto regulations around the world and the legal status of other cryptocurrencies like XRP.