52 Million XRP in 13 Hours – What’s Going On?

Large transactions involving 52 million XRP have been detected, causing significant market movements. These transactions were spotted by Whale Alert and involve major exchanges like Binance and Bitstamp.

Points

• Whale Alert detected two large XRP transactions totaling 52 million tokens.
• Transactions involved Binance and Bitstamp, valued at over $30 million.
• One transaction was internal within Binance; the other was linked to Ripple.
• Rumors of a settlement meeting between the SEC and Ripple are influencing XRP prices.
• XRP price increased by 7% overnight amid these transactions.

Cryptocurrency tracker Whale Alert has detected two significant XRP transactions totaling more than 52 million tokens, valued at over $30 million. These transactions took place within a 13-hour period while the XRP price demonstrated an impressive 7% increase overnight.

The first transaction involved the withdrawal of 23,656,185 XRP from Binance to an anonymous blockchain wallet, valued at approximately $14.08 million. The second transaction saw 28,110,000 XRP transferred to Bitstamp, worth around $16.61 million. According to additional data from the Bithomp XRP-centered explorer, the Binance transaction was made internally, from one Binance wallet to another. Meanwhile, the Bitstamp transaction was initiated by a wallet related to Ripple.

Bitstamp is one of the numerous cryptocurrency exchanges that cooperate with Ripple in its global payments system, “Ripple Payments.” This cooperation underscores the strategic movements within the XRP ecosystem.

In a recent interview with Bloomberg, Ripple CEO Brad Garlinghouse stated that he expects the longstanding case between Ripple and the SEC to conclude “very soon.” While he refrained from discussing specific dates or rumors of settlement negotiations, this statement has fueled speculation and market activity.

The rumors about the upcoming settlement talks between the SEC and Ripple have significantly impacted XRP prices, which surged by 17% last week from $0.54 to $0.63. Although the price experienced a subsequent 14% decline, it has rebounded by 14% between Friday and Monday, currently trading at $0.607.