XRP has continued to battle on crypto exchanges even though Ripple still faces legal hurdles. On February 16th, an unidentified user surprised the crypto market by transferring millions of XRP from one of the most popular exchanges. The anonymous user withdrew an estimated $122 million in XRP from Coinbase, but that isn’t the end of the surprising activity. Ripple’s co-founder cashed out his XRP tokens by the millions, and traders are noticing. The crypto market exploded after the massive XRP withdrawal from Coinbase, causing a flurry of market activity. By Valentine’s Day 2021, XRP skyrocketed more than forty percent, which was a respectable comeback after a fifteen percent loss at the beginning of February.
Ripple doesn’t plan to settle with the SEC’s lawsuit, and the crypto giant seems to be playing it safe. Ripple’s co-founder Jed McCaleb has sold millions of dollars in XRP tokens since December 2020, causing alarm within the XRP community. Despite the numerous uncontrolled variables, XRP managed to remain stable. XRP experienced a small bullish run but ended swaying toward bearish market trends.