As a seasoned analyst with a decade of experience in the cryptocurrency market, I have learned to read between the lines and interpret the movements of digital assets. The recent surge in large XRP transactions as reported by Whale Alert is indeed intriguing, particularly the transfer of more than 100 million XRP coins worth over $61 million.
Blockchain analysis tool Whale Alert, known for monitoring substantial crypto transfers and sharing data via its account, recently spotted four significant XRP transactions over the past day.
One of them carried more than 100 million XRP coins.
Close to 200 million XRP on move
As reported by Whale Alert, these mentioned transactions transferred a total of approximately 197.8 million XRP, equivalent to around $114.1 million in traditional currency. The largest transaction involved 106,406,526 XRP, worth about $61,418,872, being exchanged between unidentified wallets.
Two moderately-sized transfers shifted 31,724,795 and 36,483,255 units of Ripple (XRP). These large amounts were moved to the Binance exchange from unidentified wallets. The most recent transaction, being the smallest, was a withdrawal of 23,343,246 XRP from Binance to an anonymous blockchain address.
XRP whales’ activity increases with Ripple’s legal victory
As a crypto investor, I’ve noticed an uptick in XRP whale activity recently, which escalated earlier this week following Ripple’s court victory against the Securities and Exchange Commission (SEC). The federal judge’s decision to reduce the initially proposed $2 billion in fines and penalties from the SEC regulator to a more manageable $125 million was certainly welcomed news. Although it was higher than Ripple’s initial suggested payment of $10 million, it still represented a substantial 94% reduction in the hefty fine demanded by the SEC.
The triumph in court for the giant blockchain company based in San Francisco caused the value of XRP coins to rise by 25%, moving it from the seventh spot to the sixth position on the CoinMarketCap ranking system.
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2024-08-10 23:23