In the last 24hours, the two leading crypto exchanges – Coinbase and Binace — together with Bitrue, have reportedly transferred a total of 61 million XRP tokens. This is according to data made available by Whale Alert, a crypto tracker and Bithomp.
The large XRP transfer was detected by the Whale alert twitter handle and it was said to have involved some of the leading crypto exchanges in the world —Binance, Coinbase and Bitrue.
Coinbase and Binance were involved in transferring 20 million XRP tokens. The Brian Armstrong led company also shifted another 31 million native tokens of Ripple between its wallet. While Bitrue transferred the remaining 10 million Ripple coins. These transactions equate to over $30 million.
Notably, the two leading crypto exchanges, Coinbase and Binance had suspended XRP trades on their platform due to the litigation involving the Securities and Exchange Commission (SEC) and Ripple. The lawsuit alleges that the native token is a security and that the firm used the sales to enrich its executives and also fund its operations.
However, the trade suspension does not in any way affect the storage and withdrawal of the tokens in users Coinbase wallets. The SEC also says Coinbase has a case to answer for charging trading fees from the “illegal” XRP trading.