Ripple Sells Millions of XRP as SEC Loses to Another Crypto Giant

U.Today - Several XRP transactions that make up an impressive total amount together — close to half a billion — have been spotted by the popular crypto tracking service Whale Alert over the period of the last 24 hours.

Ripple Labs giant took an active part in this, transferring part of this massive crypto stash.

Ripple sells 59 million XRP, with 483 million XRP on the move in total

Of these three transfers, Ripple's was the second one as it moved 31 million . The company often transfers several tens of millions of XRP to crypto exchanges to sell crypto for fiat to cover its operational expenses or send XRP to its customers — banks and various other financial institutions. Often, Ripple also makes large XRP transactions to support its ODL platforms.

Thirty-one million XRP is equivalent to $16,530,182, and Ripple transferred it to a wallet marked by Whale Alert as "unknown." Still, details provided by the XRP-focused platform Bithomp show that this anonymous wallet, in reality, also belongs to Ripple.

The biggest transaction here — 424,018,481 XRP — was made between two anonymous whales, and Bithomp did not share any details about them. Also, an unknown wallet owner transferred 27,600,000 XRP to the Bitstamp exchange to sell this crypto lump. Bithomp .

SEC loses case to Grayscale, but there's a catch

Even though, the victory of the latter does not automatically ensure the conversion of Grayscale Bitcoin Trust into a Bitcoin ETF. Still, victory in this case means a lot to the crypto community and its future.

In light of this news, the flagship cryptocurrency on Tuesday, and XRP printed a rise by over 6%.

The court ruled that "denial of Grayscale's proposal was arbitrary and capricious because the Commission failed to explain its different treatment of similar products."

Now, the community is looking forward to Coinbase (NASDAQ:COIN) also beating the SEC in court.

This article was originally published on U.Today