66 Million XRP(Ripple) Moved On Coinbase And Kraken

Over the past 24 hours there has been 66 million XRP transferred on two major crypto exchanges. Whale Alert reports that Coinbase and Kraken moved the tokens, an amount equivalent of nearly $30 million.

Just under 31 million XRP worth more than $13 million was transferred from an unknown wallet to Coinbase. Additionally, 20 million more was transferred from Uphold to an unknown wallet.

This comes after news of a user paying $4,480 for another transaction shook things up on Twitter. The unidentified user paid 10,000 XRP for a transaction on the ledger. The Flare community published the tweet in response to an enthusiast who spotted a 1.04 XRP transaction fee on XRPL.

Flare network explained that fees on the XRPL can be set programmatically, but were not sure why “someone would burn XRP unnecessarily.”   

These transactions on Coinbase are a bit of a surprise. On December 30 Coinbase announced that they were halting trading of XRP. This was in the aftermath of the US Securities and Exchange Commission’s lawsuit against Ripple.

Furthermore, it was expected that XRP trading would be fully suspended on January 19 of this year. But traders can withdraw and access the token in their Coinbase wallet even after the suspension. 

There have also been major transactions between Ripple and former CTO Jed McCaleb. More than 6 million XRP worth over $277 million was transferred to McCaleb’s ‘TacoStand’ address on March 2. This move is part of a settlement between Ripple and its former CTO.

On that same day McCaleb himself sold 13 million XRP. Crypto researcher Leonidas Hadjiloizou believes that McCaleb is going to sell around 13 million each day until Sunday this week on a DEX. Hadjiloizou also stated that, for the next several weeks, McCaleb’s sales will range from eight to 18 million.

Should McCaleb continue to sell his coins at this rate, he will be out by the end of 2021.