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According to data from Whale Alert, the blockchain decacorn Ripple, along with several Binance branches transacted more than 51 million XRP.
XRP’s downfall started when the SEC filed a lawsuit against Ripple. Meanwhile, Ripple called the allegations unfounded and vowed to respond to them in court in the coming weeks. The San Francisco-based company has repeatedly referred to the US SEC’s claim as an attack on crypto. Ripple CEO Garlinghouse claimed the agency’s actions directly benefited China.
$13 million in XRP Moved
Whale Alert found two important XRP transactions in the last 16 hours. Ripple transferred 21.4 million XRP coins ($5,816,233) while Binance replaced 30 million XRP coins ($8,107,285). Both transferred funds between listed portfolios.
Ripple uses its XRP cache to cover operating costs, thus moving coins between its wallets and selling them.
During the press, XRP was ranked fifth on CoinMarketCap after losing fourth place to Polkadot earlier this year, trading at $0.2656. On January 7 and 11, the coin recovered to the $0.35 zone but did not hold the level for long.
XRP is currently trading at $0.27 which is slightly below the 25-day and 15-day EMAs. The value is also below the January high $0.3705. Its volatility, as measured by the Average True Range (ATR) has also dropped to the lowest level since November 22. With this, the price is likely to remain at this lows as demand for the coin drops.
Binance US Delisted XRP on January 13
The SEC filed a lawsuit against Ripple on December 21 has been the primary cause for the coin’s downfall. Apart from Ripple itself, the US security agency has sued Brad Garlinghouse (CEO) and Chris Larsen (co-founder). Despite other coins performing incredibly for the past two months, XRP has been in the red zone most of December; consequently, the coin saw over 65.8% decline.
Since then, several crypto exchanges, including Bittrex, Coinbase, OKCoin, and Binance, have announced that they would delist the coin following the lawsuit against its parent company. Binance US said it would phase out XRP on January 13, 2021. It led to numerous inquiries from users in Whale Alert to Binance and brought in over 30 million XRP.
Ripple has hired 21 lawyers to defend its two top executives in court. According to public court records, a preliminary hearing for the ongoing case is scheduled for February 22, 2021. Moreover, both parties have to submit a joint letter explaining their case and arguments, possible proposals, and possible details for the previous week’s deal.