A significant transfer of XRP tokens has been noted on the cryptocurrency exchange Coinbase, and the Ripple vs SEC lawsuit has concluded.
Transfer of XRP Tokens to Coinbase
Recent reports from Whale Alert indicated that a transfer of 16,594,920 XRP amounting to $50,715,884 was made to Coinbase from an unknown wallet.
Whale Activity and Market Reaction
Recently, there has been increased activity among large holders of XRP. The price rose nearly 8% following comments from Federal Reserve Chair Jerome Powell regarding a potential interest rate cut at the upcoming meeting. Whale Alert also reported a transfer of 35,000,000 XRP between unknown wallets.
Closure of Ripple vs SEC Case
Former federal prosecutor James K. Filan has provided updates on the conclusion of the high-profile litigation between Ripple and the SEC. The Second Circuit approved a Joint Stipulation of Dismissal of appeals, bringing the nearly five-year long case to a close. Recall that the SEC filed a lawsuit against Ripple in December 2020, alleging the sale of XRP as unregistered securities.
In conclusion, the closure of the Ripple case and the significant transfers of XRP indicate important changes in the cryptocurrency ecosystem.
