In a recent development, an anonymous wallet has transferred more than 271 million XRP to leading cryptocurrency exchanges, resulting in a significant price surge. Whale Alert, a renowned blockchain tracker, detected two large transactions involving XRP, with millions of XRP coins being moved to major exchanges Bitstamp and Bitso. Over the past three days, there has been a flurry of such transfers, with over 271 million XRP being moved between trading platforms and unknown blockchain addresses. Meanwhile, the price of Ripple’s XRP cryptocurrency has witnessed a substantial increase of 7.95% for market participants in the last 24 hours.
Hundreds of Millions of XRP on the Move
Since November 21st, the aforementioned data source has identified six significant XRP transactions, two of which carried 90,000,000 XRP and 85,000,000 XRP, respectively. The remaining three transferred amounts not exceeding 30 million XRP each. On November 21st, a cryptocurrency tracker reported details of four transactions, which were conducted consecutively: 90 million XRP, 85 million XRP, 25.5 million XRP, and 27 million XRP. All of these cryptocurrency chunks were valued at a total of $138.8 million in fiat currency. The technology giant Ripple Labs transferred 90 million XRP to another wallet associated with Ripple, making it an internal transaction. As for the rest of the XRP coins drained on November 21st, they were created by an unknown wallet, which Bithomp XRP explorer identified as belonging to Ripple as well. Hence, those 52.5 million XRP went to Bitstamp from Ripple.
More XRP Sent to Exchanges
Between November 22nd and 23rd, additional XRP coins were sent to Bitstamp and the Mexican exchange Bitso. They received transfers of 25,700,000 XRP and 18,100,000 XRP, respectively. Both were sent from the same wallet associated with Ripple, which had previously transferred tens of millions of XRP to Bitstamp. Bitstamp and Bitso are two major platforms that collaborate with Ripple Labs in their “Ripple Payments” service, built on RippleNet and utilizing XRP. This service currently covers over 70 countries worldwide.
XRP Gains Nearly 8%
XRP continues its quest for recovery after a recent 12% collapse, which followed a massive price surge fueled by rumors that BlackRock, the world’s largest asset manager, had applied for an XRP ETF with the Securities and Exchange Commission. This rumor was later debunked by CEO Larry Fink. Over the past 24 hours, XRP has achieved two consecutive increases, resulting in an overall 7.95% rise. Market participants are eagerly awaiting the outcome of the legal battle between Ripple and the Securities and Exchange Commission, as the court is expected to set a precedent in the case.
This price surge coincided with a closed-door meeting announced by the Securities and Exchange Commission. Ripple achieved its first major victory in July when Federal Judge Analisa Torres declared that Ripple XRP sales in the secondary markets, along with programmed XRP sales, do not qualify as securities sales. This ruling propelled the XRP price to its highest level at $0.70, but it subsequently experienced a decline.
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