XRP’s status in the market has had its fair share of troubles as a result of Ripple’s ongoing lawsuit with the SEC. Despite the hit it witnessed in the market XRP’s value has remained above $0.4. However, there has been increased activity between Ripple and Coinbase that could impact the coin’s standing in the market.
According to Whale Alert Ripple and Coinbase have made numerous transfers. The number of transferred coins was over 235 million which was equivalent to $108 million worth of XRP.
— Whale Alert (@whale_alert) March 11, 2021
Ripple has exchanged nearly 37.4 million XRP worth $16.5 million with its wallets marked RL18-VN, reportedly used to cash-out by the company. While Coinbase moved a whopping 20 million coins, as noted above, with a single transaction. This transaction concerns the crypto users as Coinbase, along with Ripple, has also been battling a lawsuit from the SEC since late December for the “illegal XRP sales.”
The direct impact of this heavy movement of the digital asset remains unknown, however, at the time of press, the value of XRP was plunging by 7.64% in five hours. Its price has dropped from $0.4582 to $0.4232 but has managed to recover a bit and was trading at $0.4372.
The shake-up in the market followed the recent development in the on-going lawsuit by the US Securities and Exchange Commission seeking personal financial information of Ripple Execs Brad Garlinghouse and Chris Larsen.