Large XRP Transactions Made Amid Ripple’s Legal Victories
In the last 24 hours, two significant XRP transactions totaling nearly 500 million XRP have taken place. The first transaction, valued at $213 million, involved the transfer of 412,334,412 XRP from an unknown wallet to an unknown new wallet. The second transaction, worth $13 million, was made by Ripple Labs and sent to the cryptocurrency exchange Bitstamp.
This is not an unusual occurrence, as Ripple frequently sends large batches of XRP to Bitstamp and Bitso, a Mexican crypto exchange. In fact, around 100 million XRP were transferred to these exchanges in early October as part of Ripple’s strategic alliances.
Implications for XRP and Cryptocurrency Regulation
These large XRP transactions are happening in conjunction with Ripple’s recent legal victories against the SEC. Over the past three months, Ripple has secured several court victories, with Judge Torres stating that XRP is not a security. These victories have led to increased optimism and price predictions for XRP, with some analysts predicting a value of $240 per token.
However, the battle between Ripple and the SEC is far from over. The court trial is scheduled for April 23, 2024, and its outcome could have significant implications for the cryptocurrency market and regulatory environment in the US.
Crypto Whales on the Move
October has been a busy month for crypto whales, with hundreds of millions of dollars’ worth of cryptocurrencies being transferred to exchanges and unknown wallets. Approximately $511 million of cryptocurrencies, including BTC, ETH, SHIB, and XRP, have been moved.
It’s important to note that these transactions are occurring alongside Bitcoin’s price rally, which is reaching levels not seen since early 2022.
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