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Whale Alert: Coinbase Transfers $38.4M Worth of 62M XRP

Whale Alert Coinbase Transfers $38.4M Worth of 62M XRP
  • Whale Alert made a tweet that Coinbase has transferred $38M worth of 62M XRP.
  • By July 28, XRP trading on Coinbase and other exchanges would resume.

Popular blockchain tracking account Whale Alert made a recent tweet that Coinbase, the San-Francisco-based crypto exchange, has shifted a huge amount of XRP.

Coinbase Transfers 62 Million XRP

Coinbase has transferred $38,440,048 worth of 61,999,980 XRP. Moreover, the transaction is made between the internal wallets of the crypto trading firm.

In January, after the SEC regulatory agency initiated a lawsuit against Ripple, Coinbase suspended XRP trading. This lawsuit is for assumingly selling unregistered securities to institutional investors since 2012 and making more than $1.3 billion on that.

In line with this, Coinbase has not resumed trading XRP yet, however, it often made huge transfers of this crypto both internally and to outside wallets. More so, it has also enabled its customers to continue storing, depositing and withdrawing XRP.

SEC Sets Deadline to Offer Crypto Regulation Plan

US Senator Elizabeth Warren sent an official letter to Gary Gensler, the head of the SEC, according to the report by U.Today. In the document, they mentioned that the highly opaque and volatile cryptocurrencies, with Bitcoin as the leader, provides increased risk on consumers.

Moreover, Warren explained that by July 28, the SEC will present her with an official response on its plan to develop and implement crypto regulation. Prior to that, Jack Dorsey, the Bitcoin maximalist and Twitter CEO unfollowed Senator Warren on Twitter for her anti-Bitcoin tirade in the Senate that occurs on June 9.

Furthermore, in the comment thread to the Whale Alert post, few users suggested that by July 28, XRP trading on Coinbase and other exchanges would resume. This happens when Gensler provides Warren what she wants, however, a plan on regulating the crypto industry.

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Crypto trading has enticed Ananthi Reeta to write for CoinQuora. She consistently contributes news and feature articles. She has covered several different blockchain and crypto niches, especially altcoins.