In the wake of a global crypto market recovery, XRP large investors, commonly called whales, have been moving substantial amounts of coins to blockchain wallets. Over the last 24 hours, several transactions have been recorded moving more than 100 million XRP from crypto exchanges.
This update has sent a wave of optimism across the XRP market as accumulations of this size signal increasing investors’ confidence in the asset. Following XRP’s long period of consolidation around the $0.46 mark, the recent market rally has catalyzed an uptick, shooting the price above the coveted $0.5 level. Also, a potential settlement in the ongoing Ripple vs SEC court case has been speculated, further fueling the current price growth.
Whale Shifts Over 100 Million XRP to New Wallet
Whale Alert, a prominent large crypto transaction tracker, reported three separate transactions carrying at least 33 million XRP from the Binance exchange to other wallets. The three transactions, which were initiated all in one hour, have sparked discussion among market participants trying to decipher the entity behind it.
According to the report, the whale first moved a staggering 38,783,752 XRP, valued at $20.4 million, from the aforementioned exchange giant to a wallet address initially labeled ‘unknown’ by the tracker.
38,783,752 #XRP (20,441,137 USD) transferred from #Binance to unknown wallethttps://t.co/3Qp6RBsbLr
— Whale Alert (@whale_alert) July 14, 2024
Shortly after, another transaction carrying exactly 35,937,321 XRP coins, worth $18.94 million, was completed from the Binance exchange to another anonymous wallet. In a similar pattern, the whale initiated the last batch of the XRP transfers from the same exchange, this time, shifting 33,839,894 XRP coins, valued at approximately $17.8 million, to an unidentified wallet.
Interestingly, upon further check, the three wallets at the receiving end were identified. The first receiving wallet was identified as ‘rhWj…LQkK.’ The second and third were ‘rfQ9…k8Cvi’ and ‘rarG6…bZKk’ respectively.
Source: Whale Alert
Meanwhile, amid the accumulation, another notable transaction was recorded, dumping 28,070,000 XRP coins to the Luxembourg-based crypto exchange, Bitstamp. The total value of the sell-off reached $14.9 million. Additionally, it was observed that the entity behind the sell-off was the renowned ‘r4wf…4Rzn’ whale that has been shifting millions of XRP coins to both Bitstamp and Bitso exchanges.
XRP Price Movement Today
Recently, there have been conjectures about an imminent settlement between Ripple and the Securities and Exchange Commission (SEC) as regards their ongoing court case. Over the weekend, the SEC announced a closed-door meeting to discuss key issues surrounding the commission. The update sparked a buzz among the community with speculations about the possible implications of the Ripple lawsuit.
According to a press release by the security watchdog, the meeting, which will be held on July 18, will discuss important topics including;
Institution and settlement of injunctive actions;
Institution and settlement of administrative proceedings;
Resolution of litigation claims; and
Other matters relating to examinations and enforcement proceedings.
On this note and growing excitement, the price of XRP has reacted positively to the news. According to data from CoinMarketCap, XRP has gained 1.33% in the last 24 hours, trading at $0.5369. However, its trading volume over the last day has plummeted by 41.70% to $1.5 billion. XRP has traded between the lows and highs of $0.5212 and $0.5377 which still represents an 84% decline from its all-time high of $3.40 reached in January 2018.
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