Nearly half a billion tokens have exchanged hands in XRP over the course of the last day, and the noteworthy participation of Ripple in these transactions heightens the enthusiasm around this news. Interestingly, more than 400 million XRP were transferred in the greater of these two transactions.
The Regular Movement of XRP Token on Ripple
Interesting information discovered by Whale Alert shows that around 500 million XRP coins associated with Ripple Labs were transferred by unidentified whales. The two XRP transactions happened one after the other, according to the data source.
Ripple’s Hand in XRP’s Big Move: Half Billion Tokens Shifting,Ripple’s Hand in XRP’s Big Move: Half Billion Tokens Shifting
A total of 412,334,412 XRP were first transferred by one anonymous wallet to another anonymous wallet. A subsequent transaction saw the transfer of 26,500,000 XRP to the Bitstamp cryptocurrency exchange.
The two XRP transfers had respective values of around $213,373,038 and $13,807,682 at the time of these transactions.
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Bithomp, an analytics tool that tracks XRP, claims that Ripple Labs started the second transfer. Nonetheless, this shift is a component of the XRP’s ongoing migration to Bitstamp.
Large amounts of XRP—between 26 and 30 million—have been regularly sent by Ripple to Bitstamp and, on occasion, to Bitso, a cryptocurrency exchange based in Mexico in recent months. There may be more to this transfer trend than just selling cryptocurrencies.
A large transaction involving the transfer of 400,000,000 XRP from one anonymous address to another was also detected by Whale Alert last week. It seems that big investors, or “whales,” are becoming more interested in XRP as a result of recent court victory.
The Legal Wins for Ripple
The U.S. Securities and Exchange Commission (SEC) has withdrawn its continuing accusations against Chris Larsen and Brad Garlinghouse, the CEOs of Ripple, in a significant victory for the company and its community. The accusations were related to the purported $1 billion or more in XRP sales to financial institutions starting in 2013.
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This news caused the price of XRP to rise by 5%. Some community members, meanwhile, feel that the coin did not get the traction that this news deserved.
As Ripple and its backers rejoice over this momentous court decision, the SEC is getting ready to file an appeal against a recent finding by the court that classified XRP sales on the secondary market as non-securities.
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