Ripple's $50 Million XRP Stash Arrives on Coinbase Amid SEC Case Closure

A large stash of XRP, worth $50.7 million, has arrived on Coinbase, a US crypto exchange, as the Ripple SEC lawsuit comes to an end after nearly five years. The transfer of 16.6 million XRP from an unknown wallet to Coinbase was reported by Whale Alert. The Joint Stipulation of Dismissal of the appeals was approved by the Second Circuit on August 7, officially closing the case.

A significant development in the cryptocurrency market has occurred as a large stash of XRP, valued at $50.7 million, has been transferred to Coinbase, a major U.S. crypto exchange. The transfer, which involved 16.6 million XRP, was reported by Whale Alert [2] and coincides with the official closure of the Ripple SEC lawsuit.

The transfer comes on the heels of a Joint Stipulation of Dismissal of the appeals being approved by the Second Circuit on August 7, marking the end of a nearly five-year legal battle between Ripple and the SEC. The dismissal means that the case is officially closed, with Ripple agreeing to pay a $125 million civil penalty to resolve charges tied to its institutional sales of XRP [3].

The arrival of the XRP stash on Coinbase is seen as a positive sign for the cryptocurrency, which has been under scrutiny due to the lawsuit. The transfer could indicate increased interest and liquidity in XRP, potentially attracting more institutional investors. Analysts have noted that the approval odds for XRP ETFs are near 95%, with decisions expected in late October [1].

The crypto market has been reacting positively to the developments. XRP has seen significant price movements, gaining nearly 8% at one point after Fed Chair Jerome Powell signaled looser policy ahead in his Jackson Hole speech on Friday. Bitcoin and Ethereum have also seen gains, with Bitcoin up 2.4% and Ethereum up 9.4% over the past 24 hours [1].

In addition to the XRP stash, there have been other notable developments in the crypto market. The registration of an XRP ETF by 21Shares in Delaware is a significant milestone, indicating serious intent and progress in bringing XRP to the institutional market [3]. This registration could potentially change how investors trade in XRP and increase its accessibility.

The crypto market is closely watching these developments, with investors and financial professionals awaiting further clarity on the regulatory front. The registration of XRP ETFs and the arrival of large stashes on major exchanges could be powerful catalysts for the cryptocurrency, potentially drawing in new waves of capital from traditional finance.

References:
[1] https://www.dlnews.com/articles/markets/cluster-amended-xrp-etf-filings-roll-in-ripple-sec-dismissal/
[2] https://u.today/50715884-xrp-hits-coinbase-as-ripple-case-finally-closed
[3] https://www.cryptopolitan.com/court-approves-joint-ripple-secs-motion/