In the past 24 hours, there has been noteworthy activity in the world of XRP. Almost half a billion XRP tokens have changed hands, and what makes this news even more thrilling is Ripple’s significant role in these transactions. The larger of these two transactions involved the transfer of over 400 million XRP.
Cryptic XRP Moves
Whale Alert, a crypto tracker, has uncovered intriguing data that sheds light on anonymous whales who executed transfers involving nearly 500 million XRP tokens connected to Ripple Labs. The data source indicates that these two XRP transfers took place sequentially.
In the first transfer, an anonymous wallet moved a substantial 412,334,412 XRP to another anonymous wallet. Following this, a separate transaction involving 26,500,000 XRP was made to the Bitstamp cryptocurrency exchange.
At the time of these transactions, the two XRP transfers were valued at approximately $213,373,038 and $13,807,682, respectively.
Ripple’s Hand in the Shuffle
According to Bithomp, an analytics platform specializing in XRP, Ripple Labs initiated the second transfer, which was part of their regular XRP movement to Bitstamp.
In recent months, Ripple has been consistently transferring large sums of XRP, ranging from 26 million to 30 million, to Bitstamp and occasionally to Bitso, a Mexican cryptocurrency exchange. This pattern of transfers implies more than just selling cryptocurrency.
Also Read: Ripple Vs SEC: Top Execs Free of Charges, but XRP’s Fate Remains Hazy
XRP Gains Interest
Last week, Whale Alert also reported a significant transaction that transferred 400,000,000 XRP from one anonymous address to another. It appears that recent victories in court have rekindled the interest of large investors, or “whales,” in XRP.
Ripple’s Legal Victories
Last week, Whale Alert reported a substantial transaction that transferred 400,000,000 XRP from one anonymous address to another. It seems that recent legal victories in court have reignited the interest of large investors, often referred to as “whales,” in XRP.
In a monumental victory for Ripple and its community, the U.S. Securities and Exchange Commission (SEC) dropped its ongoing charges against Ripple’s CEO, Brad Garlinghouse, and Chris Larsen. These charges were related to the alleged sale of XRP exceeding $1 billion to financial institutions since 2013.
Upon hearing this news, the price of XRP experienced a 5% surge. However, some within the community believe that the coin did not gain the momentum that such news deserved.
While Ripple and its supporters celebrate this significant legal triumph, the SEC is preparing to appeal a recent court ruling that categorized XRP sales on the secondary market as non-securities.
Do you think this is a sign of a bullish market ahead for XRP?
Read More: XRP Back in the Spotlight as Whales Transact Millions