As a seasoned researcher with extensive experience in the cryptocurrency market, I find myself intrigued by the recent developments involving XRP. The massive deposits into top exchanges Binance and Bitstamp, amounting to millions of XRP, have certainly raised eyebrows within the community. While speculation runs rampant about potential sales by a mysterious whale, it’s always essential to delve deeper into the facts. The revelation that these deposits were made internally by Binance and associated with Ripple suggests a different narrative altogether.
Information made available by well-known blockchain investigator Whale Alert indicates that substantial amounts of XRP were moved to prominent digital asset trading platforms Binance and Bitstamp.
58.2 million XRP lands on top exchanges
As per the recent data, during the past 13 hours, both leading cryptocurrency exchanges, Binance and Bitstamp, experienced significant deposits of XRP. Specifically, Binance received approximately 33 million XRP, while Bitstamp recorded around 25.27 million XRP being transferred to one of its digital wallets.
As someone who has been following the crypto market for several years now, I have come to appreciate the intrigue and excitement that large transactions can bring. The recent deposits of $19,734,848 and $15,191,832 into anonymous blockchain wallets, followed by a flurry of speculation on platforms like Binance, remind me of the unpredictable and captivating nature of this space.
According to information provided by XRP-focused explorer Bithomp, the Binance transaction appears to have been an internal one, as the anonymous wallet involved was connected to the crypto exchange itself. On the other hand, the deposit made to Bitstamp was traced back to a digital wallet affiliated with Ripple, a company that works closely with Bitstamp for cross-border transactions using RippleNet.
SEC may appeal Ripple’s court victories: Ripple CLO
It was implied by Ripple’s general counsel Stuart Alderoty in a conversation with securities law expert J.W. Verret, that it’s likely the U.S. Securities and Exchange Commission might decide to challenge the court ruling on the classification of XRP.
In simple terms, last July, Judge Analisa Torres decided in court that the sale of XRP on cryptocurrency platforms by Ripple was not considered a security transaction. This contrasts with sales made directly to financial institutions. Temporarily, this ruling caused the value of XRP to rise.
2021 saw the court rule in favor of Ripple once more, following a demand by the securities regulator for a $2 billion fine and penalty from the blockchain titan. However, the court deemed a more appropriate settlement to be $125 million in this instance. This victory was enthusiastically celebrated by Brad Garlinghouse, CEO of Ripple, as a significant triumph not just for his company but also for the entire cryptocurrency sector.
Nonetheless, numerous experts speculate that the SEC could choose to challenge the court’s ruling. Yet, according to Alderoty, if the regulatory body decides to appeal, it’s unlikely that the court’s decision would significantly change.
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2024-08-21 14:06