• Thu. Oct 5th, 2023

XRP Token Seeing Massive Trade Volume on Major Exchanges

Hassan Mehmood

ByHassan Mehmood

Apr 14, 2021

The fate of the XRP token has becoming more ambivalent and uncertain with each passing moment. The eyes of all crypto communities are fixated on the lawsuit as there are raising conjectures that it is an attempt by the central government to introduce regulations for digital assets. However, despite all the commotion and the ongoing SEC lawsuit, the token has managed to become the 4th largest digital token on the global scale, leaving the likes of UNI, DOT, and ADA behind.

Since last Monday, the token has reached a level of $1.84 price tag witnessing a 33.49% upsurge. Even when most crypto exchanges have left behind the controversial token, it is still available on platforms like Coinbase, Binance, and Huobi. The crypto tracker Whale Alert has reported that many big and small-scale exchanges have moved an installment of $131.2 million XRP tokens.

Whale Movements of XRP

While the #RelistXRP movement is soaring at full speed, the positive impact has started to show up. After The Swiss Lykke, US-based exchange giant Coinbase has also started to take note of the token in peril. According to the latest news, crypto exchanges, Huobi, Bittrex, Binance, Kraken, Coinbase and many others have shifted $215.6 million worth of XRP token to unknown wallets. 

While Bittrex has moved 10500K coins to internal accounts, Coinbase has shifted 62 million XRP tokens making it the biggest whale activity for Ripple labs native token. Most of these crypto exchanges got rid of the XRP token to escape the possibility of legal persecution by the SEC. However, now Coinbase and Binance US are allowing its users to store and withdraw XRP as usual. 

XRP Legal Victory against Tetragon

SEC is not the only legal battle that was plaguing the Ripple Labs Executives. A UK investment and asset management company Tetragon Financial Group also slapped the crypto organization with a lawsuit to redeem its $175 million equity in the SEC lawsuit’s aftermath. The move was called opportunistic by the defendants and put the organization in more troubled waters.

However, since the jury is still out on the status of XRP as security, the judge rules in favour of Ripple Labs. Tetragon also froze the company assets to weaken the position of the organization by financial means. However, a court ruling has ordered Tetragon to pay $3.463 million in legal damages to the defendants. The legal victory is going to be added to the list of many legal triumphs for the controversial token issuers. 

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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