Surge In XRP Transfers As Whale Alert Fuels Speculation


Whale Alter, the tracking platform for crypto, has detected quite a large purchase of the XRP token by Ripple. The reported transfer involved 66,666,659 XRP tokens. The cumulative value of these many tokens would come to around $33,065,809. The tokens’ destination was an anonymous wallet and came from Binance. Speculation has been fuelled by the move as buyers try to gauge how the price will be impacted by it.

Another Noteworthy XRP Transfer To Add To Recent Ones

In the ecosystem of XRP, Ripple has recently transferred substantial quantities of tokens. The destination has all been secured escrow accounts. To be specific, at the time of writing, escrow is holding 300,000,000 XRP as well as another 500,000,000 tokens. The rough values of the two massive amounts are about $146,927,854 and $244,748,526 respectively.

The news of the transfer arrives even as Ripple and the SEC (the United States Securities and Exchange Commission) engage in a continuing legal battle. Recently, the legal team of Ripple has issued their response regarding a particular move by the SEC. The SEC had appealed against a ruling in July by Judge Analisa Torres stating that XRP cannot be considered a security at the time the general public can purchase it.

The legal team of Ripple put forth the argument that the SEC had not met the required conditions for an appeal that is interlocutory in nature like this one. As such, they hoped and argued for the dismissal of the appeal altogether. Otherwise, they hope that the court can at least order a stay on the case. Recently, XRP has seen its usage rate increase notably. Its on-chain transactions saw their highest point in 7 months while its circulation reached its highest in the past 3 months.