Blockchain tracker Whale Alert has reported a massive movement of XRP, with nearly 136 million coins transferred in just three hours. This significant activity occurred in four large transactions. Most of these XRP coins were withdrawn from Binance, one of the largest cryptocurrency exchanges, by unknown wallets.
This large-scale transfer happened while XRP, the seventh largest cryptocurrency, experienced a weekend drop of over 7%. However, it has since recovered by 3.52%. Over the past week, XRP’s value surged by an impressive 26%.
Large Transfers of XRP
Whale Alert’s data shows that major transactions included 33,839,894 XRP, 35,937,321 XRP, and 35,937,321 XRP. Each of these transfers is worth around $20 million, totaling about $110 million moved to unknown wallets.
Additionally, 28,070,000 XRP, worth roughly $14.9 million, were deposited into Bitstamp, another major cryptocurrency exchange. The surge in whale activity coincides with XRP’s price movements.
Ripple CEO Marks One-Year Anniversary of Key Verdict
This weekend, Ripple CEO Brad Garlinghouse marked the first anniversary of a significant legal victory. On July 13, 2023, Judge Analisa Torres ruled that XRP is not considered a security in secondary market sales. Garlinghouse highlighted this decision as a major win for Ripple and the broader cryptocurrency industry.
The ruling briefly boosted XRP’s price to $0.70, but it soon returned to its previous levels. As of now, XRP is trading at $0.53192.
Summary Review: The recent transfer of 136 million XRP in just three hours has captured significant attention, with most of the funds moved from Binance to unknown wallets. This large-scale activity occurred during a period of fluctuating XRP prices, which saw a weekend decline followed by a partial recovery. The increase in whale transactions aligns with recent price trends, indicating active market participation. Additionally, the one-year anniversary of Ripple’s legal victory over the SEC has been noted, marking a milestone for both Ripple and the wider cryptocurrency community. As XRP continues to navigate these developments, the substantial movements and legal milestones highlight the dynamic nature of the crypto market.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
