Massive Ripple (XRP) Transfers Amid Ongoing Bitcoin Price Rally
TL;DR
- Two significant XRP transactions totaling nearly 500 million XRP were recently made, with one worth $213 million and another valued at $13 million. The latter transaction was attributed to Ripple Labs and sent to Bitstamp exchange.
- Ripple’s strategic alliances with exchanges Bitstamp and Bitso involved the movement of XRP tokens, with around 100 million XRP previously transferred to these exchanges in early October.
- These large XRP transactions coincide with Ripple’s legal victories against the SEC, which have led to increased optimism and price predictions for XRP. The upcoming court battle scheduled for April 2024 could have significant implications for the cryptocurrency market and US regulation.
Ripple Labs Behind $13M Transaction
According to Whale Alert, two whales have moved nearly 500 million XRP in the last 24 hours. The first wallet migrated 412,334,412 XRP tokens, worth approximately $213, while the second wallet moved 26,500,000 XRP, or $13 million.
— Whale Alert (@whale_alert) October 22, 2023
The XRP transfers occurred sequentially, and the second one of 26 million XRP was reportedly made by Ripple Labs and sent to the cryptocurrency exchange Bitstamp. This is not unusual, as Ripple frequently sends large XRP batches to Bitstamp and Bitso, a Mexican crypto exchange. These transactions usually amount to 20 to 30 million XRP.
— Whale Alert (@whale_alert) October 22, 2023
Moreover, these tokens were likely moved as part of Ripple Lab’s strategic alliances with Bitstamp and Bitso. In early October, around 100 million XRP were transferred to the two exchanges.
Whales Move Following Ripple Legal Victories
Ripple has achieved various court victories against its nemesis, the SEC, for the past three months. Back in July, XRP surged significantly after Judge Torres stated that XRP was not a security, handing Ripple its first victory.
Whales have moved dozens and even hundreds of millions of tokens as Ripple continuously secured more victories against the SEC. Last week, Whale Alert reported that 400 million XRP tokens were moved from one anonymous address to another.
Ripple’s recent victories have opened the door for many analysts to weigh in their price predictions — some even go as far as predicting $240 per token. You can check some of the XRP price predictions in our recent video on the matter:
Only six months left until Ripple and the SEC battle it out in court; the trial is scheduled for April 23, 2024, and its outcome could have significant implications for the cryptocurrency market and the regulatory environment in the US.
Overall, October has been a busy month for crypto whales, as hundreds of millions in cryptocurrencies have been moved to several exchanges and unknown wallets. Approximately $511 million in some of the top cryptocurrencies have been transferred, including cryptocurrencies like BTC, ETH, SHIB, and XRP.
Meanwhile, it’s worth noting that all of this is happening as Bitcoin’s price is rallying to levels not seen since early 2022.
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