As a seasoned analyst with over two decades of experience in the financial markets, I find myself intrigued by the recent surge in large-scale XRP transactions, following Ripple’s victory over the U.S. Securities and Exchange Commission (SEC). The $60 million worth of XRP transferred post-verdict is a clear indication that whales are actively participating in the market, purchasing millions of coins on leading cryptocurrency exchanges.
The cryptocurrency tracking tool, Whale Alert, that keeps tabs on significant crypto transactions and broadcasts related information on its site and via the X platform, has spotted three substantial transfers of XRP in total.
Approximately $60 million worth of XRP was moved following Ripple, a blockchain giant based in San Francisco, winning its legal battle against the U.S. Securities and Exchange Commission. This decision has sparked increased activity among large XRP investors (XRP whales), who have been buying millions of coins from major cryptocurrency exchanges in response.
101 million XRP change hands
Whale Alert, as previously stated, has announced that large whales have transferred substantial amounts of XRP. Specifically, they moved 60 million, 23 million, and 18 million XRP in separate transactions, according to the data source.
Approximately 101.2 million XRP tokens have been moved, with the largest portion (around 23.4 million) being withdrawn from Upbit and another significant amount (about 17.9 million) being sent to Binance. These large transactions were directed towards unidentified digital wallets. The smallest transfer involved 17.9 million XRP, which was transferred into Binance.
Ripple boss celebrates victory over SEC, XRP soars 26%
On August 7th, Brad Garlinghouse, CEO of Ripple, shared a tweet celebrating a court’s final ruling as a triumph for Ripple Labs.
Ripple successfully argued for a significant reduction in the proposed $2 billion fine from the Securities and Exchange Commission (SEC). They requested only $10 million as a settlement. In the end, the judge decided on a compromise, requiring Ripple to pay $125 million as civil penalties to the SEC instead.
According to Garlinghouse, this is a significant triumph not just for Ripple, but for the entire crypto sector as well.
In response to this positive development, XRP experienced a significant price increase of approximately 26% over three consecutive green candles on an hourly chart. This surge pushed the coin’s value from $0.50065 to $0.62911. Following a brief adjustment, XRP is currently being traded at $0.61718.
As a proud crypto investor in XRP, I’m thrilled to join the celebration alongside Ripple. After a grueling four-year legal battle with the SEC, we finally have the good news that XRP has been declared a non-security! Exciting posts about XRP are sprouting up across various platforms, and I can’t help but share in the jubilation. It feels great to be part of such a resilient community!
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2024-08-08 13:36