Some large investors, commonly called whales, have been moving significant amounts of XRP across crypto exchanges and wallets over the last day. Interestingly, this comes ahead of the expected closed-door meeting to be held by the Securities and Exchange Commission (SEC) on July 25.
Notably, the expectations from this crucial meeting have triggered the price of XRP to new weekly highs. XRP has traded as high as $0.63 in the last 24 hours. Also, the transactions have sent tongues wagging in the crypto community with members speculating about the potential impact they will have on the coins’ price projection.
77 Million XRP in One Day
According to data from Whale Alert, these much amounts of XRP were shifted in three separate transactions. One of them is seen as an accumulation while the other two are perceived as dumps. Per Whale Alert data, the first two transactions happened almost simultaneously. One of them carried 26,830,000 XRP, valued at $15.96 million to the Luxembourg-based centralized exchange Bitstamp. Within the same hour, the same whale moved 27,460,000 XRP, worth $16.3 million to the Mexico-based crypto exchange, Bitso.
27,460,000 #XRP (16,341,015 USD) transferred from unknown wallet to #Bitsohttps://t.co/aO1btsH1Vm
— Whale Alert (@whale_alert) July 23, 2024
Further, a check revealed that the entity behind the first two transfers was the renowned ‘r4wf7..4Rzn’ whale, known to constantly move millions of XRP to the two aforementioned crypto exchanges.
Shortly after, a third transaction was initiated. Unlike the first two, this one accumulated a staggering amount of XRP. Whale Alert data shows that the large investor moved 23,289,364 XRP from the Binance exchange to a wallet labeled ‘unknown.’ Importantly, when coins are moved from exchanges to external wallets, it is usually seen as a bullish signal, showing confidence in the future outlook of the asset, unlike moving coins from external wallets to crypto exchanges.
Meanwhile, the Ripple vs. SEC case has been speculated to settle soon. The SEC previously announced a closed-door meeting to discuss crucial topics including “Institution and settlement of administrative proceedings” and “Resolution of litigation claims.“ However, the meeting was canceled and rescheduled for a later date, July 25. The XRP community is excited about the possibility of the SEC reaching an agreement with the blockchain giant Ripple following the meeting.
XRP Price Rallies
The potential outcome of the coming meeting by the SEC has triggered a positive price movement for XRP. In the last seven days, XRP has traded in impressive patterns, shooting above the critical $0.6 mark. Also, in the last 24 hours, the coin has jumped by 5.33% to trade at $0.6266.
Source: CoinMarketCap
Notably, the coin has reached the tops and bottoms of $0.5862 and $0.6311 respectively. While the price of the coin is showing an upward trend, the total volume traded over the last day has dropped marginally by 0.05% to $1.8 billion. Will a positive outcome from the SEC meeting shoot the price of XRP above $0.7? The crypto community continues to watch as matters unfold.
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