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$27 Million XRP wired to Coinbase from “Anonymous user”

Coinbase

TL;DR Breakdown

  • Coinbase receives $27 million in XRP from an unknown user.
  • Coinbase might be facing lawsuit.
  • RippleNet’s transactions reach $2.4 billion.

Whale alert, a well-known cryptocurrency tracking tool, spotted a huge XRP transaction summing up to about a hundred million XRP in the early hours of today.

About $27 Million in XRP was transferred to Coinbase

An unknown cryptocurrency address has transferred a huge sum of XRP to Coinbase, the biggest crypto exchange based in the United States. The amount wired to Coinbase is almost a hundred million XRP, nothing less than $26,500,000 when converted to USD at the current exchange rate of XRP.

According to the information disclosed by Bithomp, a financial analyst website, they showed that the transfer was a peer to peer transfer which occurred between two Coinbase wallets.

Coinbase faces lawsuit

On the 30th of December, rumor had it that United States Security and Exchange Committee (SEC) filed an appeal against Coinbase for allegedly allowing illicit sales of XRP and receiving trade commission from the sales.

Before this, SEC had filed a lawsuit against Ripple and two of its high ranking leaders, the incumbent CEO and the immediate past CEO, who actually co-founded the firm, Brad Garlinghouse and Chris Larsen respectively. The duo and the company were charged for the sale of XRP because it wasn’t registered. In its defense, Ripple has gotten the service of 21 advocates to defend the case and protect their individual and corporates interest in the court of law.

RippleNet hit transactions valued at over $2 billion

Last year, Ripple’s ODL (On-Demand Liquidity) solution recorded cryptocurrency transactions valued at $2.4 billion. The number of XRP transactions made through ODL by financial institutions summed up to $3 million. RippleNet’s General Manager, Asheesh Birla said that ODL is currently meeting the highest demand in the Asia-Pacific areas. He also furthered that he has great expectation for the two ODL services in the Middle East and some parts of Africa as he anticipates the two to stand out in terms of their activity in 2021. RippleNet is expected to continue growing and be applied for other transactions including payments and financial exchanges.

Dennis Mugambi

Dennis Mugambi

Dennis is a content writer with a deep understanding of the blockchain domain and cryptocurrency field. He infuses cold data with flair to make technology and finances mind-blowing. His reports both fascinate and awaken the readers.

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