A whopping sum of XRP has been transferred from colossal cryptocurrency exchange Binance to San Fransisco-based blockchain company Ripple which backs XRP cryptocurrency, data unearthed by XRPL Monitor confirms.
In a fresh development, XRPL published that a sum of 16.2 million XRP, worth around $3,942,956 has been moved by Binance to Ripple’s wallet. The transaction, with an ID of 98CA1BBDDB8B4E304B29A2B096AEFA2D7BBD0C3F9C836AF3BDAAD23093D81D2A, took place around 9:30 pm yesterday, September 15. The transfer, according to data from Bithomp, was done with a merger fund of 0.000012 XRP (12 drops).
Meanwhile, this is not the first time Binance will be moving a gigantic amount of XRP to the cryptocurrency payment company as the cryptocurrency exchange continues to add more support for XRP trading on its platform.
However, the reason behind the fund transfers from the cryptocurrency exchange to the decacorn fintech company is yet to be unknown. While many think it may be another attempt by the company to dump the price of XRP on the market, others perceive Ripple and Binance are doing so to help the liquidity of XRP as well as its price.
As there exists a form of collaboration between the two companies, many possible reasons could be behind the huge fund transfers.
The transaction caught the attention of many observers in the crypto space as it happened around the time Ripple also transferred 10 mln XRP to an unknown wallet. Meanwhile, an account activated by Ripple, which has been said to belong to Ripple and Stellar’s co-founder Jed McCaleb, also moved around $1,388,622, circa 5.7 mln XRP, to an unknown wallet.
McCaleb’s crypto wallet, christened “tacostand” performed the transfer in one transaction. Note that there’s a form of agreement between Ripple and McCaleb on the amount of XRP he could sell out in a month so as not to have a huge effect on the price of the fourth-largest cryptocurrency by market cap.
Brad Garlinghouse Lashes Indian Government for latest move on cryptocurrency
In response to a report published by Bloomberg September 15 that the federal cabinet of India is proposing a new bill in a bid to sanction cryptocurrency activities in the country, the CEO of Ripple, Brad Garlinghouse, said the move by the country was disappointing.
He said the flip flop take of the country on cryptocurrency is letting down, hence “hamstringing” the entire crypto industry as the innovation tries to find its footing in the finance world.
He further explained banning cryptocurrency and its activities within the walls of the country is dissatisfactory considering that the country has one of the largest under-banked and unbanked population around the world.
Remember that in May 2020, it was announced that the Reserve Bank of India (RBI) lifted ban on cryptocurrency in response to the Supreme Court’s directive that squashed the ban.
