Popular blockchain tracker Whale Alert reported a significant transfer of nearly 136 million XRP within the past twenty hours. Remarkably, this enormous sum of cryptocurrency moved in four large transactions over just three hours. Most of these funds were withdrawn from Binance by anonymous wallets. Interestingly, this movement occurred as XRP, the seventh largest cryptocurrency, saw its price drop by over 7% over the weekend, only to recover by 3.52%. Over the last week, XRP soared by a massive 26%.
Related article: XRP Technical Analysis: Insights from Market Expert
Breakdown of the Transfers
According to Whale Alert, anonymous whales executed three significant withdrawals from Binance, each moving millions of XRP. The transactions involved 33,839,894 XRP, 35,937,321 XRP, and 35,937,321 XRP, respectively. Each transfer amounted to roughly $20 million or slightly less, totaling approximately $110 million. These mysterious whales shifted a substantial amount of crypto into their wallets.
Meanwhile, another notable transfer involved a deposit of 28,070,000 XRP, worth $14,936,884, to Bitstamp, another major cryptocurrency trading platform. The increased activity of these whales coincided with XRP’s price surge, highlighting a correlation between large transfers and market movements.
Ripple CEO Celebrates Milestone
Over the weekend, Ripple CEO Brad Garlinghouse celebrated a significant milestone on his X account. Specifically, he reflected on the one-year anniversary of a crucial court ruling. On July 13, 2023, federal judge Analisa Torres declared that XRP is not a security concerning sales in secondary markets. Consequently, Garlinghouse tweeted that this day is a core memory for him, marking a vital victory for Ripple against the SEC.
Related article: XRP Market Activity Spikes: Major Transactions Signal Sell-Off
This ruling briefly pushed XRP’s price to $0.7 before it quickly returned to its previous level. At present, XRP is trading at $0.53192. The recent whale activity and significant transfers indicate increased market movement and interest in XRP, especially as the cryptocurrency continues to show recovery and growth.
The large-scale transfers and the anniversary of the pivotal court ruling underline the dynamic and evolving nature of the cryptocurrency market.
