XRP Floods Exchanges: What’s Behind the Surge in Deposits?

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In the past 13 hours, Whale Alert, a popular blockchain tracking tool, reported significant XRP transfers to major exchanges. Specifically, Binance received 33,000,000 XRP, and Bitstamp saw 25,270,000 XRP deposited. These transactions equate to approximately $19,734,848 and $15,191,832 in fiat currency, respectively. Notably, both deposits came from anonymous blockchain wallets.

🚨 33,000,000 #XRP (19,734,848 USD) transferred from unknown wallet to #Binance https://t.co/FYFeDRTOuq
— Whale Alert (@whale_alert) August 21, 2024

Binance Transaction Details

The recent Binance deposit, occurring just three hours ago, sparked widespread speculation. Many in the crypto community have speculated that an anonymous whale might be preparing for a sale. However, according to XRP-focused explorer Bithomp, this transaction was internal. The wallet involved was linked directly to Binance itself.

The deposit made to Bitstamp, on the other hand, came from a wallet associated with Ripple. Bitstamp collaborates with Ripple, assisting in international payments through RippleNet. This suggests that the deposit might be related to Ripple’s ongoing activities or partnerships.

Ripple’s Legal Battles Continue

Ripple’s legal challenges remain significant. Chief Legal Officer, Stuart Alderoty, recently discussed with securities law professor J.W. Verret the possibility that the U.S. Securities and Exchange Commission (SEC) might appeal recent court rulings. Last July, Federal Judge Analisa Torres determined that XRP sales on cryptocurrency exchanges by Ripple did not constitute securities, unlike sales made directly to financial institutions. This ruling briefly boosted XRP’s price. Moreover, this year, the court ruled in favor of Ripple again. The SEC had sought $2 billion in fines and penalties, but the court settled on $125 million.

Ripple CEO Brad Garlinghouse hailed this as a significant win for both Ripple and the broader crypto industry. Despite this, experts anticipate that the SEC may appeal the decision. Alderoty, however, believes that even if an appeal occurs, the outcome is unlikely to change significantly.