Two significant XRP transfers totaling 52 million coins were detected, highlighting strategic trading activities by large holders, commonly referred to as whales.
Points
- Two major XRP transfers totaling 52 million coins detected.
- One transfer involved 23,656,185 XRP from Binance to an unknown wallet.
- The second transfer involved 28,110,000 XRP to Bitstamp.
- Whale trading activities can influence market sentiment and price action.
- Ripple CEO comments on ongoing case against the SEC.
The popular platform Whale Alert, which tracks large cryptocurrency transactions, has detected two significant XRP transfers, totaling 52 million coins, within a 13-hour period. These transactions, valued at approximately $14 million and $16 million respectively, have drawn attention to the strategic trading activities of large holders, commonly referred to as whales.
Major XRP Transfers
According to Whale Alert, the first transfer involved 23,656,185 XRP being withdrawn from Binance to an anonymous blockchain wallet. This transaction was valued at approximately $14 million. The second transfer involved 28,110,000 XRP coins being transferred to Bitstamp, valued at $16 million.
https://twitter.com/whale_alert/status/1815288424943038738
Internal Transactions and Strategic Moves
Additional data from the Bithomp XRP-centered explorer revealed that the Binance transaction was made internally, from one Binance wallet to another. The second transaction, which had Bitstamp as the destination, was initiated by a wallet related to San Francisco-based crypto behemoth Ripple. Bitstamp is one of the numerous cryptocurrency exchanges that cooperate with Ripple in its global payments system, “Ripple Payments.”
Ripple CEO on SEC Case
Approximately a year ago, Federal Judge Analisa Torres ruled that XRP was not to be qualified as a security on the secondary market. However, the SEC continues its attempts to prove that it could be considered a security when sold by Ripple to financial institutions. Ripple CEO Brad Garlinghouse recently commented on the ongoing case, highlighting the continued efforts by the SEC and the market’s response to these developments.
Market Reaction and Speculation
The rumors about upcoming settlement talks between the SEC and Ripple propelled the XRP price by a staggering 17% last week, pushing it from $0.54 to $0.63. Although there was a subsequent 14% decline, XRP has increased by an impressive 14% between Friday and now. Currently, XRP is trading at $0.60699, near the upper Bollinger Band, suggesting potential overbought conditions.
Conclusion
The detection of two significant XRP transfers within a short period highlights the strategic trading activities of whales and their potential influence on market sentiment and price action. As Ripple’s ongoing case with the SEC continues to unfold, the market remains attentive to any developments that could impact XRP’s value and overall market performance.