April 19, 2024
Altcoins News

Massive 210 Million XRP Transfer Amid Regulatory Turmoil

XRP, the sixth-largest cryptocurrency, has gained attention following a massive movement of 210 million XRP tokens between mysterious whale wallets. According to crypto data tracker Whale Alert, the transfer, worth $128,921,343, has sparked discussion in the cryptocurrency world.

Clues Amidst Mystery

The wallets involved in the transfer remain shrouded in anonymity, with no identifiable usernames on XRPL explorer Bithomp. However, a glimmer of insight emerges as the receiving wallet was activated by KuCoin in 2020 with 900 XRP, hinting at potential ties to the exchange.

Regulatory Rumbles Amplify Speculation

The timing of the XRP transfer, given recent regulatory events, has fueled suspicion. Concerns spread throughout the market after KuCoin and its founders were charged with breaking anti-money laundering regulations, resulting in a withdrawal frenzy on the exchange.

KuCoin Addresses Concerns

KuCoin CEO, Johnny Lyu, moved to reassure users, asserting that the legal matter was being appropriately addressed. To compensate for extended withdrawal delays, affected users were promised a $10 million airdrop in KCS and Bitcoin.

Ripple’s Legal Battle Continues

Meanwhile, the Ripple lawsuit takes another turn as the U.S. Securities and Exchange Commission (SEC) seeks fines totaling $2 billion for institutional XRP sales. Ripple faces allegations of unlawfully selling unregistered securities, with a response due in April.

Market Response

As regulatory uncertainty looms, XRP has seen a modest 1.17% increase in the last 24 hours, trading at $0.628. This uptick extends its recovery from recent lows, reflecting ongoing market resilience amidst tumultuous developments.

Image from Flickr

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