Cryptocurrency tracker Whale Alert reported two substantial XRP transactions, moving over $30 million in value. These transfers occurred while XRP’s price surged by 7% overnight. Whale Alert detected two large XRP transactions. One transaction involved withdrawing 23,656,185
XRP from Binance to an anonymous blockchain wallet, valued at $14,075,541. The second transaction saw 28,110,000 XRP coins transferred to Bitstamp, worth $16,612,755. These transactions occurred within a 13-hour window.
Insights From Bithomp
According to data from the Bithomp XRP explorer, the Binance transaction was an internal transfer between Binance wallets. A wallet linked to Ripple, a San Francisco-based crypto giant, initiated the second transaction, sending it to Bitstamp. Bitstamp is one of the many exchanges collaborating with Ripple in its global payments system, Ripple Payments.
Related article: XRP Price Rollercoaster: Settlement Hopes Dashed, Price Tanks
In a recent interview with Bloomberg, Ripple CEO Brad Garlinghouse expressed optimism about the conclusion of the ongoing SEC case against Ripple, stating it would end “very soon.” However, he refrained from providing specific dates or discussing rumors of settlement negotiations between Ripple and the SEC. The SEC and Ripple have scheduled a closed meeting for July 25.
Historical Context And Market Impact
Approximately a year ago, Federal Judge Analisa Torres ruled that XRP should not be classified as a security in the secondary market. Nevertheless, the SEC continues to argue that XRP could be considered a security when sold by Ripple to financial institutions. Recent rumors about settlement talks between the SEC and Ripple boosted XRP’s price by 17%, pushing it from $0.54 to $0.63.
Related article: XRP’s Battle Against Selling Pressure: Key Support and Resistance Insights
However, this increase was followed by a 14% decline the next day. Between Friday and Monday, XRP’s price rose by an impressive 14%. Despite a recent 2% drop, XRP is currently trading at $0.60699. Whale Alert’s observation of these significant XRP transactions coincides with Ripple’s ongoing legal battles and market fluctuations.
As the crypto community anticipates the outcome of Ripple’s case with the SEC, these developments highlight the dynamic nature of the cryptocurrency market.
