As a seasoned researcher with over two decades of experience in the dynamic world of cryptocurrencies, I find myself intrigued by the recent XRP developments. The mysterious large-scale transactions traced by Whale Alert and the subsequent outflows from top exchanges like Binance, Bitstamp, and Bitso are reminiscent of a high-stakes game of chess being played in the crypto realm.
Recently, the widely-used cryptocurrency monitor Whale Alert has detected numerous substantial XRP transfers in the past day, highlighting significant XRP withdrawals from leading digital currency exchanges worldwide.
In summary, it’s estimated that over a quarter of a billion units of XRP have been secretively transferred from various cryptocurrency exchange platforms by unidentified large-scale XRP holders.
Big XRP outflows hit top exchanges
Over the past 24 hours, a notable data source identified seven significant XRP transactions on the XRP Ledger. Given that most of these occurred through prominent cryptocurrency exchanges, it appears that XRP whales may have heightened their activity. This could be suggesting they are actively buying and selling XRP in large quantities.
Large amounts of XRP were observed being withdrawn anonymously from Binance and Indodax exchanges, totaling approximately $30,815,470 (28,900,823 XRP worth around $15,126,001 and 30,000,000 XRP worth around $15,689,469). On the other hand, exchanges like Bitstamp, Bitso, and Binance again saw significant deposits coming from unknown market players.
19.2 million Ripple tokens were transferred to Bitstamp, 30.4 million tokens headed towards the Mexican crypto company Bitso, and lastly, 30 million tokens were transported to Binance.
One transaction on this list stands out, according to Whale Alert’s data, since it carried a staggering 104,384,848 XRP and was conducted between two unknown blockchain addresses. This XRP chunk is the equivalent to 5$4,662,653.
SEC appeals Ripple case
According to U.Today’s report, this past week, the Securities and Exchange Commission (SEC) chose to contest some recent court rulings in the Ripple case by filing an appeal. The deadline for doing so was October 7th, and the SEC submitted their appeal just before that date.
In the previous year, July saw Judge Analisa Torres decide that transactions involving XRP in secondary markets were not classified as security sales. This current year has brought another triumph for Ripple, as the judge lowered the original $2 billion fine proposed by the SEC against Ripple to a more manageable $125 million.
Brad Garlinghouse, CEO of Ripple, voiced his disapproval towards the regulator’s recent decision. As a result, the value of XRP took a significant hit following the SEC’s appeal in their lost case, plummeting by over 9% since Wednesday. Initially trading at $0.58 on October 2nd, the current price for XRP stands at $0.52. Over the past few days, from Sunday, the digital coin has experienced a decline of more than 20% in its market value.
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2024-10-04 16:04