Amid SEC battle, Ripple’s Chris Larsen and crypto exchanges transfer over 136 million XRP

Amid SEC battle, Ripple's Chris Larsen and crypto exchanges transfer over 136 million XRP

As the legal battle between Ripple and its cofounders and Untied States SEC continues, large amounts of XRP have been changing hands recently. Between the company’s executive, Chris Larsen and some crypto exchanges, close to 136 million XRP was moved in the last 24 hours.

According to tracking service Whale Alert, the crypto trading platform Uphold transferred roughly 19 million XRP to a wallet. The wallet in question -FundingWallet1 – belongs to Ripple and was activated by Larsen. Following this transaction, the Ripple cofounder wired more than 74 million XRP, which amounted to over $35 million at the time, to his other wallets.

As of February, former Ripple CTO Jed McCaleb moved incredibly large amounts of XRP from his Tacostand wallet as well.

XRP has been in choppy waters ever since SEC filed a lawsuit against Ripple . While the price may have consolidated near $0.45, XRP has been fluctuating between $0.44 and 0.47 in the past 24 hours. In the same time frame, the price of the crypto has fallen by 3.2%. As Bitcoin and other alts such as Ether, ADA, and LINK climb higher, the price of XRP, however, is struggling to clear the $0.49 – $0.50 range.

Nevertheless, the company behind the asset has been busy with new projects. Recently, the payment protocol firm announced a pilot project that seeks to provide a “private version” of its XRP ledger for central banks. Banks can then use Ripple’s technology to issue and manage their digital currencies. CPA Australia said in a report that the central bank of France sees Ripple as a possible platform for the digital Euro.

However, in US, regulators remain firm on their allegations against the company and its cofounders and have refused to reach a settlement with the firm.