Ripple’s Frequent Movement in XRP Token
In the past 24 hours, there has been a significant amount of activity in the XRP market. Almost half a billion tokens have changed hands, and what makes this news even more interesting is the involvement of Ripple in these transactions. One notable transaction involved the transfer of over 400 million XRP.
According to Whale Alert, anonymous whales were responsible for moving around 500 million XRP tokens linked to Ripple Labs. The transfers happened one after the other, with one wallet transferring 412,334,412 XRP to another anonymous wallet, and another transaction transferring 26,500,000 XRP to the Bitstamp exchange.
At the time of these transfers, the total value of the two transactions was approximately $213,373,038 and $13,807,682. Bithomp, an analytics platform focused on XRP, revealed that the second transfer was initiated by Ripple Labs as part of their regular movement of XRP to Bitstamp.
Ripple has been consistently transferring large sums of XRP to exchanges like Bitstamp and Bitso in recent months. This pattern suggests that there may be more than just selling involved in these transactions.
Last week, Whale Alert reported another significant transaction involving the transfer of 400 million XRP between anonymous addresses. It seems that recent legal victories for Ripple have sparked renewed interest from large investors or “whales” in XRP.
Ripple’s Legal Victories
In a major win for Ripple and its community, the U.S. Securities and Exchange Commission (SEC) dropped its charges against Ripple’s CEO Brad Garlinghouse and Chris Larsen. These charges were related to the alleged sale of over $1 billion worth of XRP to financial institutions since 2013.
Upon hearing this news, the price of XRP experienced a 5% surge. However, some members of the community believe that the coin did not gain as much momentum as expected.
While Ripple and its supporters celebrate this legal victory, the SEC is planning to appeal a recent court ruling that classified XRP sales on the secondary market as non-securities.
Hot Take: Ripple’s Recent Moves and Legal Victories Fuel Speculation in XRP Market
The recent flurry of activity in the XRP market, with significant token transfers and legal victories for Ripple, has sparked speculation among investors and enthusiasts. The involvement of Ripple in these transactions raises questions about their motives and long-term plans for XRP.
Some believe that these large transfers indicate more than just selling, suggesting that Ripple may be strategically positioning itself in the market. The legal victories against the SEC have also brought renewed optimism to the XRP community, although there are concerns about the SEC’s plan to appeal the court ruling.
Overall, these developments have added fuel to the fire in the XRP market, attracting attention from both investors and regulators. It remains to be seen how Ripple’s actions and legal battles will shape the future of XRP.
By
By
By
By