$50,715,884 XRP hit Coinbase as Ripple Case was eventually closed

According to blockchain data, an XRP stash, consisting of over $50 million tokens, has arrived on top of Crypto Exchange Coinbase.

In recent times, Whale Alert reported that in one transaction, 16,594,920 XRP, worth $50,715,884, was transferred to Coinbase from an unknown wallet.

This happens, especially in the Ripple SEC lawsuit, which sees an increase in whale activity amid recent market development. The market surged Friday as Fed Chairman Jerome Powell kept the door open for potential interest rate cuts at the Fed’s September meeting. XRP also rose similarly, up nearly 8% at one point.

In another tweet, Whale Alert reported a move of 35 million XRP. This was exchanged between wallets whose identity remains unknown. The Whale Alert reported that “35,000,000 XRP worth $108,112,187 has been transferred from an unknown wallet to an unknown wallet.”

In the end, the Ripple Case was over.

James K. Filan, a former federal prosecutor who tweets information about the Ripple SEC case, shares a recent update on the well-known lawsuit.

It seals off the cases that were ultimately closed, and the Second Circuit approved a joint provision for dismissing their respective appeals filed by the parties on August 7th.

On August 15, the SEC filed a status report with the Court of Appeals, noting that the parties had filed a joint provision for dismissal of the appeal, which was awaiting approval by the court.

Now that the joint dismissal provision has been approved by the Second Circuit, the Ripple case has officially been closed and closes to five years of lawsuit.

In December 2020, the SEC filed a lawsuit against Ripple, claiming it had sold XRP as unregistered securities. Because XRP decided it was not security in itself, Ripple won the case.