• Wed. Nov 29th, 2023

Ripple Labs has been Busy Moving Huge Installments of XRP to China-based Crypto Exchanges

Hassan Mehmood

ByHassan Mehmood

Jun 14, 2021

The crypto whale alert informer on Twitter recently noticed that a staggering amount of XRP tokens have been on the move from Ripple to other exchanges. The account operated under the pseudonym @WhaleAlert shared in a recent tweet that about 64.5 million XRP tokens have been moved from Bitmap wallet to an unknown location. Overall, a whopping 270 million altcoins have been transferred in the last 20 hours. 

Thus far, no real causes of the urgent movements have been justified by Ripple management. All the while, Ripple has kept continued the XRP supply to Hong Kong-based exchange platform Houbi daily. The largest sum of XRP has been moved by Bybit to Binance. Meanwhile, the other two whale transfers took place from Houbi to Binance and Bitstamp to Coinbase. At the present value, the 269.5 million XRP tokens are roughly around $23.9 billion.

Ripple Keeps Pouring Large Amounts of XRP Tokens into the China-based Crypto Exchange

Huobi is arguably the largest crypto exchange in China. It seems that Ripple Labs has been busy with huge sums of XRP tokens to Houbi regularly. Since last week, Ripple has transferred about 5 million XRP to Houbi, while later on, the crypto decacorn started to send more than 6 million XRP to the same exchange platform for a week. The same pattern of mega transfers has been under observation for months.

The bad news is that China has recently banned the Houbi on local social media and search engine applications. None of the company representatives or the exchange teams has come forward to provide a reason for making these transactions. At present, the biggest holders for XRP are Binance, Huobi, and Coinbase. At press time, XRP is valued at $0.88, as noted by crypto news aggregator, CoinMarketCap.

SEC has Submitted a One-page Letter in the Court in Opposition of Ripple Labs

A few days ago, SEC asked the court to provide an extension of 2 months in lieu of discovery. However, defense lawyers claimed that such an extension is not justified and it would be prejudicial conduct against Ripple. The SEC has recently submitted a letter to challenge the claims made in the sur-reply by Ripple. The regulatory agency claims that by Ripple’s definition, the Howey test would be nullified. 

Howey test is a legal measure used by lawmakers to determine the legal status of a security. Ripple has also raised objections over Bitcoin and Ethereum trading not being targeted by the SEC. However, SEC claims that both Bitcoin and Ethereum can be exempted from the narrative as they are not governed by a business enterprise and act as an independent asset class.

Hassan Mehmood

Hassan Mehmood

Hassan Mehmood, a valued writer at Big Trends Signals, uses his profound online trading expertise to produce in-depth guides and unbiased reviews, enabling traders to navigate digital marketplaces efficiently.

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