Cryptocurrency Exchange Coinbase Moves 62 Million XRP

ByTroy Morris

Jul 14, 2021

A famous tracking account for blockchain, Whale Alert, recently tweeted that within the last 24 hours, Coinbase exchange has shifted a whopping amount of Ripple (XRP).

62 Million XRP Transferred By Coinbase

Coinbase has transferred around 61,999,980 coins approximately whose worth is more than 38 million dollars. This huge amount was transferred within the company’s internal wallets.

At the beginning of this year, Coinbase halted trading of Ripple when the Security and Exchange Commission initiated a legal proceeding against XRP for falsely selling unregistered securities. Ripple has been in business since 2012 and has earned 1.3 billion dollars in this time period.

Some high-ranked executives of the company, such as Bradly Garlinghouse (Chief executive officer) and Christopher Larsen (co-founder), are defendants in this infamous lawsuit.

Trading of Ripple is not yet started by Coinbase, but sometimes it makes internal as well as outside Ripple transactions. Its customers are also allowed to keep storing, depositing, and withdrawing this digital currency.

SEC Being Asked To Set Clear Regulation Policy

U.Today reported a few days ago that a letter had been sent to Gary Gensler, the head of SEC, by a Senator of United States Elizabeth Warren. In the letter, the Senator has said that cryptocurrencies, especially the Bitcoin, are a continuous risk for both the traders and the financial market because it is in the hands of manipulators and scammers. She used the words ‘opaque’ and ‘volatile’ for cryptocurrencies which shows her serious concern regarding the issue because, according to her crypto market is going to end badly.

She asked SEC to use its authority and present an official report to her before the 28th of this month. She wants from SEC to create regulations regarding cryptocurrencies and then implement them strictly.

Before this advancement, Bitcoin proponent Jack Dorsey, who is the CEO of Twitter, unfollowed Senator Warren for her diatribe against Bitcoin. She gave a strong stance regarding digital currencies in the Senate session on 9th June.

In the comments section of Whale Alert’s post, some people predicted that trading of Ripple would resume on exchanges including Coinbase, before the deadline of 28th July. The reason is that when Gensler gives warren a written plan to regulate the cryptocurrency market, she will not stretch the issue further.

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