Ripple Labs has been under the spotlight for initiating substantial cryptocurrency transactions. In recent moves, the company has transferred a total value of $52.8 million in XRP. Whale Alert and Bithomp documented these massive transfers.
Canadian Wallet Transfers 100 Million XRP
Over the weekend, Ripple Labs reportedly received a massive sum of 100,000,000 XRP from an anonymous source. Interestingly, this anonymous source was later identified as a wallet linked to the Canadian cryptocurrency exchange SideShift. Shortly after, the company moved 75,000,000 XRP to one of its wallets. Additionally, another 46,000,000 XRP found its way to an unknown recipient. These transactions may imply that Ripple engages in over-the-counter exchanges or redistributes its assets.
Additionally, the company also sent 30,000,000 XRP to the Bitstamp exchange. According to Bithomp, the transfer originated from a Ripple wallet. While neither side has commented on these significant financial activities, similar transactions have been observed. Hence, it raises questions about Ripple’s financial strategy, particularly as it undergoes legal and regulatory challenges.
XRP Regulatory Hurdles
Ripple is also facing challenges on the legal front. Coingape reported that XRP lawyers have criticized the New York State Department of Financial Services (NYDFS) for delisting XRP from its approved cryptocurrency roster.
Despite a court ruling that XRP isn’t a security, the regulatory body appears to be skirting the issue. Consequently, this move indirectly curtails XRP’s operations in the New York jurisdiction, where Ripple already holds a license.
In response to these developments, XRP has shown a moderate price gain. Currently, XRP is trading at $0.5091, marking a 1.07% increase over the last 24 hours. Intraday trading has seen highs of $0.5133 and lows of $0.5. Additionally, XRP volume has surged by 34.01% to over $1 billion.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.