Within the last day, there have been two significant XRP transfers to well-known cryptocurrency exchanges, Bitso and Bitstamp, according to data provided by the Whale Alert crypto tracker, which monitors significant cryptocurrency transactions across many blockchains.
This occurred as other cryptocurrencies continue to decline in value while the price of the Ripple-affiliated XRP currency saw a price increase of about 9% for the first time in ten days.
Anon wallets send 64 million XRP, causing a 9% price increase. According to the aforementioned data source, 32,300,000 XRP and 32,300,000 XRP valued at $15,794,353 and $15,212,146 were sent to Bitstamp, a well-known cryptocurrency platform headquartered in Europe, and Bitso, a unicorn cryptocurrency established in Mexico.
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It would appear that these investors are attempting to sell off a portion of their XRP holdings. However, Bithomp, an analytics site that tracks XRP transfers and wallets, has supplied data that shows that the wallet r4wf7enWPxyHtbizyV7ZHiZi5XgwHh4Rzn, which is tied to Ripple, is the source of the anonymous senders’ information.
Ripple has been delivering about 30 million XRP to Bitstamp many times a week for the last two months, and to Bitso a bit less frequently as well. This time, the price increase of about 9% may make it appear to be a lucrative transaction.
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Another possibility is that Bitstamp and Bitso work together with Ripple to facilitate smooth international money transfers utilising XRP and RippleNet.
These factors explain why XRP’s price increased. While most of the other popular cryptocurrencies are now down, there are two main causes for XRP’s upward trend.
The initial explanation for the price increase was provided by the on-chain data aggregator Santiment in a recent tweet: little whales, who own between 10,000 and 10,000,000 XRP in their wallets, are the cause of the price surge. These wallets now own close to 30% of the whole XRP supply in circulation. They have been rapidly amassing XRP coins lately.
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The second reason is the amazing news that the Ripple community is celebrating: Chris Larsen, the company’s cofounder, and CEO Brad Garlinghouse have been exonerated of all allegations brought against them by the SEC in December 2020.
They were charged with selling over $1 billion worth of personal XRP to institutional investors since Ripple’s introduction, despite the SEC’s contention that this is an unregistered securities. Currently, the securities regulator’s allegations have been officially dropped by the court.
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