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Here’s Why Bitfinex’ Lawsuit Favours Ripple’s XRP

Ripple Xrp

Altcoins

Here’s Why Bitfinex’ Lawsuit Favours Ripple’s XRP

Ripple’s XRP, the third largest cryptocurrency by market cap has not experienced a significant price surge since the start of 2019 compared to some other digital assets, but XRP was not affected by the recent significant price drop caused by Tether/Bitfinex scandal due to the rate of XRP transaction within exchanges and wallets, meaning Ripple’s XRP is receiving favour from the attack.

The recent Tether-Bitfinex scandal has caused an uproar within the sphere of cryptocurrency which constituted to the apparent drop in the price of several digital currencies in the cryptomarket.

However, Ripple’s XRP community can remain calm as transactions in the XRP network maintained stability according to the latest report.

According to an XRP data aggregator (XRPL Monitor) that monitored the rate of transaction of XRP between 25th April and 27th April, the transfer of XRP from individual addresses to movement within the wallets was in a very high proportion.

Ripple’s XRP Rate of Transaction Between 25th and 27th April

On 25th April, over 130 million XRP transactions were completed. Five were made from Ripple out of nine transactions while 10 million XRPs were transferred from Brad Garlinghouse-led Company.

26th April saw larger transactions. Over 151 million XRPs were reportedly moved within exchanges and wallets, which summed up to be 16 transactions from the embattled exchange, Bitfitnex.

The update about Bitfitnex and Tether scandal came up on 26th April. Bitfinex exchange was accused of covering a loss of about 850 million US dollars as revealed by New York Attorney General, Letitia James.

However, Bitfinex was quick to respond to the capital allegation from the office of NYAG, termed it as an erroneous allegation.

Bitfinex in self-defense said “The New York Attorney General’s court filings were written in bad faith and are riddled with false assertions, including as to a purported $850 million “loss” at Crypto Capital. On the contrary, we have been informed that these Crypto Capital amounts are not lost but have been, in fact, seized and safeguarded.”

The Bitfinex message to refute the information was a little too late as millions of transactions in Bitcoin (BTC), Ethereum (ETH), and other digital currencies were already completed by a number of panicking investors.

Just 18 million XRPs were transferred on 27th April. 5 million XRPs were moved in two transactions while the remaining 8 million XRPs were transferred at once.

Oliver is an online publisher, managing various blogs through the years. He had contributed to multiple news portals in the US and the UK. His interest varies from Political Agendas to recent Technological advancements. He is now a full-time contributor to TODAY'S GAZETTE.

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