In the last 24 hours, Whale Alert, a renowned blockchain monitoring service, has detected two significant XRP transfers. These transactions headed to major cryptocurrency exchanges in Mexico and the European Union, totaling nearly 70 million XRP. Anonymous holders initiated these transfers to sell their holdings. Specifically, one transfer included 30,370,000 XRP, valued at $14,633,165, while the other involved 33,200,000 XRP, worth $16,001,607.
Destination Exchanges: Bitstamp And Bitso
The first massive XRP transfer headed to the EU-based exchange Bitstamp. Meanwhile, the second transfer went to Bitso, a top exchange in Mexico. These substantial movements occurred as XRP attempted to break through the $0.48736 resistance level. However, the price has since dropped by almost 2%, now trading at $0.48000. Currently, XRP is moving within a descending channel, indicating a bearish pattern.
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On July 2, Whale Alert reported that Ripple Labs unlocked one billion XRP from escrow. Traditionally, these large transfers occur on the first day of each month. This time, however, Ripple released the XRP in three portions: 500,000,000, 100,000,000, and 400,000,000 XRP, totaling $476.8 million.
Operational And Legal Use of Unlocked Funds
Typically, Ripple locks back approximately 800,000,000 XRP until the next month. The company converts the unlocked XRP into fiat currency to cover operational expenses and provide more XRP to institutional clients.
Over the past four years, Ripple has also allocated part of these funds to cover legal expenses related to the lawsuit initiated by the SEC in December 2020.
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Ripple’s CEO, Brad Garlinghouse, recently predicted that this lengthy legal case would conclude this year, possibly by September. He humorously referred to it as “the end of summer.”
These significant XRP movements and Ripple’s large-scale unlocks highlight ongoing activities within the XRP ecosystem. The recent price movements and legal developments continue to shape the market dynamics.
