XRP Alert: Massive 210 Million XRP Move Sparks Intrigue

Fri, 29/03/2024 – 14:03

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XRP, the sixth largest cryptocurrency, is commanding attention owing to its latest on-chain activity. A staggering 210 million XRP tokens were transferred between unknown whale wallets, sparking intrigue and speculation within the crypto community.

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Crypto data tracker Whale Alert reports, “210,020,140 XRP worth $128,921,343 was transferred from unknown wallet to unknown wallet.”

In this case, the wallets remain unidentified, with no registered usernames on XRPL explorer Bithomp, adding to the mystery.

In what might shed a little clue, the receiving wallet was activated by KuCoin in 2020 with 900 XRP, suggesting it might be a KuCoin-based wallet.

This week has brought on regulatory developments that triggered concerns across the board; hence the speculation surrounding the XRP move, whose motives remain unknown.

On Tuesday, U.S. prosecutors charged the KuCoin crypto exchange and two of its founders with violating the country’s anti-money laundering rules. The Commodity Futures Trading Commission (CFTC) also filed its complaint against the exchange.

The news initially triggered a withdrawal frenzy on KuCoin. In the wake of the development, Johnny Lyu, the KuCoin CEO, reassured users, stating that the legal matter was being handled appropriately. In addition, individuals who suffered longer-than-expected wait times throughout the withdrawal process were eligible for a $10 million airdrop in KCS and Bitcoin.

In a separate development that pertains to the Ripple lawsuit, the U.S. Securities and Exchange Commission (SEC) is seeking fines and penalties totaling $2 billion regarding institutional XRP sales.

Judge Torres ruled in July 2023 that Ripple’s sale of XRP worth $728.9 million to hedge funds and other sophisticated buyers amounted to unlawful sales of unregistered securities. Ripple intends to respond to the SEC in April.

At the time of writing, XRP had risen 1.17% in the last 24 hours to $0.628, extending its recovery from March 28 lows of $0.60 into the second day.

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