Cryptocurrency tracker Whale Alert, which closely monitors large crypto transactions, has detected three significant transfers involving substantial amounts of XRP. Following Ripple’s recent court victory over the U.S. Securities and Exchange Commission (SEC), these transactions have garnered considerable attention. The San Francisco-based Ripple blockchain giant’s triumph has spurred increased activity among XRP whales, who have acquired millions of coins on leading cryptocurrency exchanges.
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XRP Whales Move 101 Million Coins
Whale Alert reported three notable XRP transfers, amounting to a total of 101.2 million XRP. These transactions included amounts of 60,000,000, 23,373,078, and 17,922,146 XRP.
The largest chunk of 60 million XRP was withdrawn from Upbit, while 23,373,078 XRP were moved from Binance, the largest crypto trading platform. Both these amounts were sent to unknown digital wallets. Additionally, 17,922,146 XRP were transferred to Binance.
On August 7, Ripple’s Chief Executive Officer Brad Garlinghouse announced the final court decision, framing it as a significant victory for Ripple Labs. The court’s ruling reduced the initial $2 billion fine demanded by the SEC to $125 million in civil penalties, a considerable reduction that Ripple had fought for. Garlinghouse highlighted this outcome as a major win for both Ripple and the broader cryptocurrency space.
XRP Price Surges Following Legal News
The positive legal news triggered a substantial 26% surge in XRP’s price. The cryptocurrency saw three large consecutive green candles on an hourly chart, with its price jumping from $0.50065 to $0.62911. Following a minor correction, XRP is currently trading at $0.6156.Â
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The crypto community on X has also celebrated alongside Ripple, with many users posting festive messages and noting the SEC’s acknowledgment of XRP as a non-security after a lengthy and costly legal battle.
The recent legal victory for Ripple has significantly influenced the XRP market, leading to substantial whale activity and a notable price surge. This development marks a pivotal moment for Ripple and the cryptocurrency industry, setting a precedent for future legal and regulatory challenges.
