Blockchain payment firm Ripple and Binance.US recently moved a combined 51 million XRP (worth approximately $13 million), as tracked by crypto analytics platform Whale Alert. These transactions highlight ongoing activity despite XRP’s regulatory challenges and market fluctuations.
Key Transactions Breakdown
Ripple’s Transfer:
- 21.4M XRP ($5.8M) shifted between Ripple’s internal wallets.
- Funds are routinely used for operational expenses, including liquidity management.
Binance.US’s Movement:
- 30M XRP ($8.1M) transferred within the exchange’s wallets, raising questions post-delisting.
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XRP’s Market Performance
- Current Price: $0.2697 (5% decline in 24 hours).
- Rank: #5 on CoinMarketCap, trailing Polkadot (DOT).
- Recent Volatility: Briefly surged to $0.35 but failed to sustain support.
Regulatory Impact on XRP
- SEC Lawsuit: Filed December 2021, alleging XRP is an unregistered security.
Exchange Delistings: Binance.US, Coinbase, and others suspended XRP trading in early 2021.
- Binance.US halted trading on January 13, 2021, yet wallet movements persist.
Legal Developments
- Ripple’s Defense: 21 attorneys hired across Ripple and its executives.
- Pretrial Conference: Scheduled for February 22, 2021, to outline case proceedings.
FAQs
Q: Why did Binance.US move XRP after delisting?
A: Wallet adjustments may involve internal audits or liquidity rebalancing, not active trading.
Q: How does Ripple use its XRP holdings?
A: Primarily for operational costs, partnerships, and market liquidity.
Q: Will XRP recover from its current price slump?
A: Market sentiment depends on regulatory clarity and adoption milestones.
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Key Takeaways
- Ripple and Binance.US remain active in managing XRP assets despite delistings.
- Legal battles and exchange suspensions continue to influence XRP’s market position.
- Investor watchpoints: Pretrial outcomes and broader crypto regulatory trends.