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

Cryptocurrency tracker Whale Alert has noticed two impressive crypto transactions, moving more than $30 million worth of XRP. These transactions took place while the XRP price demonstrated an impressive 7% increase overnight.

🚨 28,110,000 #XRP (16,612,755 USD) transferred from unknown wallet to #Bitstamphttps://t.co/UoYkbX5moX

— Whale Alert (@whale_alert) July 21, 2024

52 million XRP transfers spotted

The aforementioned popular platform, which tracks large cryptocurrency transactions, has detected two XRP chunks getting moved. While one of them was deposited to a major crypto exchange, the other one with withdrawn from a similar platform.

According to Whale Alert, 23,656,185 XRP were withdrawn from Binance to an anonymous blockchain wallet, while 28,110,000 XRP coins were transferred to Bitstamp. These crypto transactions were valued at $14,075,541 and $16,612,755, respectively, and took place with a 13-hour break between them.

🚨 23,656,185 #XRP (14,075,541 USD) transferred from #Binance to unknown wallethttps://t.co/dSHbURC9Zy

— Whale Alert (@whale_alert) July 22, 2024

According to additional data shared by the Bithomp XRP-centered explorer, the Binance transaction was made internally – from one Binance wallet to another. The same source revealed that 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 makes statement on case against SEC

In a recent interview with Bloomberg, the chief executive officer of Ripple, Brad Garlinghouse, said that he expects the long-running case of the Securities and Exchange Commission against Ripple to be over “very soon.”

However, he refused to discuss any particular dates or the rumors of the approaching settlement negotiations between Ripple and the U.S. financial regulator. As reported by U.Today previously, a closed meeting between the SEC and the blockchain heavyweight has been scheduled for July 25.

It is worth recalling that 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 definitely be considered a security when it was sold by Ripple to financial institutions.

The rumors about the upcoming settlement talks between the SEC and Ripple propelled the XRP price by a staggering 17% last week, pushing it from $0.54 to the $0.63 level. It was followed by a 14% decline the following day.

Between Friday and now (Monday), XRP has increased by an impressive 14%. After a recent 2% drop, though, it is changing hands at $0.60699.

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