Over the last 24 hours, there has been significant movement happening in XRP, with close to half a billion tokens changing hands, and what adds more excitement to this news is the notable involvement of Ripple in these transactions. Notably, the larger of these two transactions involved the transfer of more than 400 million XRP.
Ripple’s Frequent Movement In XRP Token
Whale Alert has uncovered intriguing data revealing that anonymous whales made the transfer of nearly 500 million XRP tokens linked to Ripple Labs. The data source shows that the two XRP transfers occurred sequentially.
Initially, an anonymous wallet moved a total of 412,334,412 XRP to another anonymous wallet, and then a separate transaction of 26,500,000 XRP was transferred 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.
According to Bithomp, an analytics platform focused on XRP, the second transfer was initiated by Ripple Labs. Although, this transfer is part of a regular XRP movement to Bitstamp.
In recent months, Ripple has consistently transferred 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 suggests more than mere selling of cryptocurrency.
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
In a momentous win 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. The charges stemmed from the alleged sale of XRP exceeding $1 billion to financial institutions since 2013.
Upon hearing this news, XRP’s price experienced a 5% surge. However, some in the community believe that the coin did not gain the momentum that such news warranted.
While Ripple and its supporters celebrate this significant legal victory, the SEC is preparing to appeal a recent court ruling that categorized XRP sales on the secondary market as non-securities.
