Hundreds Of Millions Of XRP Moved To Coinbase And Other Crypto Exchanges, A Sign Ripple Will Relisting?

XRP has the opportunity to relisting on crypto exchanges. (Ripplenews)

JAKARTA – Ripple (XRP), which is still at war with the US Securities and Exchange Commission, has the potential to be listed on a number of leading US crypto exchanges, including Coinbase. Massive XRP transfers were recorded by crypto tracker Whale Alert.

Through its Twitter account, Whale Alert revealed a large number of XRP transactions being moved to crypto exchanges. One of these crypto exchanges is Coinbase, which is one of the largest crypto exchanges in the US, which had an IPO on Nasdaq a year ago.

The detection of large amounts of XRP transfers led the XRP community to speculate that the coin might be re-listed or relisting on crypto exchanges for re-trading.

Whale Alert detected five major transactions that sent 208.6 million XRP tokens. While Coinbase itself gets a share of 88.6 XRP from the total transactions mentioned above.

Today, Coinbase was the first crypto exchange to suspend XRP trading in January 2021 after the SEC initiated a lawsuit against Ripple Labs in late December 2020.

The regulatory agency is also suing Ripple CEO Brad Garlinghouse and co-founder Christopher Larsen for selling XRP, which is claimed by the SEC as an unregistered security. The lawsuit continues to this day.

This transfer of XRP between Coinbase's internal wallets has sparked speculation and commentary, which assumes that Coinbase may be preparing to resume XRP trading.

Since early 2021, when the exchange suspended trading of XRP pairs, it has still allowed customers to store XRP in their wallets there and deposit and withdraw coins as they wish.

🚨 🚨 🚨 39,999,980 #XRP (32,267,094 USD) transferred from unknown wallet to #Coinbasehttps://t.co/IfhuaPgIKE

— Whale Alert (@whale_alert) February 17, 2022

In addition to being sent to Coinbase, three other XRP transactions were made by US-based crypto trading firm Bittrex to Mexican crypto unicorns Bitso and Europe-based Bitstamp.

Bittrex transferred 20,000,000 XRP to Bitso and sent the same amount of coins to Bitstamp. Both exchanges serve as Ripple's ODL corridors in their region—Latin America and the EU.

Finally, 89,000,000 XRP was transferred by the South Korean exchange Bithumb internally. The total amount of XRP transferred consists of $166,483,409 at the current XRP/USD exchange rate.

However, it has not been explained in detail about which XRP will be re-traded on various leading exchanges in the world. As of writing, XRP is trading at IDR 11,207, a 1.3 percent decline in the last 24 hours as data from Coinecko reports.