Key Takeaways:
- Recent on-data records reveal Ripple transferred large chunks of XRP tokens to unknown wallets
- The price of XRP has dropped 16% in the last 7 days
- Ripple Labs CEO Brad Garlinghouse is not worried about the outcome of the case against the SEC
YEREVAN (CoinChapter.com) – Controversial cryptocurrency XRP is seeing large transfers over the last couple of days. According to data made available by crypto tracking website Whale Alert, several wallets have been making large transfers of XRP. However, despite the large transactions, the price of the token continues to fall. Over the last week, the token has shed 16% of its price.
At the time of writing, XRP changes hands at $0.6411 per token. This is still an 83% below its all-time high of $3.84 achieved in 2018. The stark drop in its price has also pushed the token down to the 7th point by total market cap. As a result, Solana (SOL) now occupies the 6th spot in its place, according to data by CoinMarketCap.
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Ripple sends large XRP transactions
As Whale Alert reports, large transfers that add up to nearly 610 billion XRP tokens were seen on the chain. One such transaction contained a total of 310,669,160 XRP tokens worth $200,612,543. Another unknown wallet sent 40,000,000 XRP worth $26,061,087 to the Mexican crypto exchange Bitso, according to a Twitter post by the tracking website.
Interestingly, Ripple was behind the large chunk of those transactions. In one transfer, the company sent 150,000,000 XRP worth $96,714,743 to one of its unknown wallets. According to Whale Alert, the company also transferred 70,000,000 XRP worth $45,469,295 to one wallet. Ripple has used this wallet to transfer funds to customers via exchanges, which indicates they could be doing the same.
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Brad Garlinghouse is not afraid of SEC lawsuit result
The price of XRP fell sharply in December 2020 when the United States Securities and Exchange Commission (SEC) filed a lawsuit against Ripple and two of its executives. As a result, several cryptocurrency exchanges halted support for digital currency.
In a recent interview with Bloomberg, Brad Garlinghouse said he is not worried about the outcome of the case against the SEC. According to him, the company is already functioning as if they have lost. The strategy helps them look beyond the case and go about business as usual. Slamming the Unites States for being the only country to characterize XRP as a security, Garlinghouse said they are doing good business in the rest of the world.
“Ripple had a record year last year. We continued to grow very quickly across our major product groups. Even Q1 was a record for us. Now, unfortunately, that growth is almost all coming from outside the United States,”
Garlinghouse said.
As the XRP continues to bleed, the industry has its eyes on the court case. A win or even a settlement could send the price of the token over the roof. On the other side, even if Ripple Labs fails to succeed against the SEC, the token can recover from immediate losses. Companies are likely to adopt the technology for its swift and efficient international transfers.
