Massive amounts of XRP have moved between addresses in the last 24 hours, sparking speculations about the intent and entity behind them. Notably, nearly 44 million XRP coins were moved within this time from popular exchanges.
Interestingly, the transfers came amid a growing rumor of an expedited motion granted in court in favor of Ripple. Consequently, community members have interpreted the transfer as bullish since it involves sending the tokens to external wallets.
44 Million XRP on the Move
Whale Alert, a prominent crypto large transaction tracker, first flagged the movements and reported them on X (formerly Twitter) yesterday. According to the report, the first transaction shifted 25 million XRP, valued at $36.6 million, from the South Korea-based exchange, Upbit to a wallet labeled “unknown.”
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Shortly after, the second transaction was initiated, this time, sending 18.7 million coins, worth $27.2 million, from the largest crypto exchange globally, Binance, to another anonymous wallet. The timing and weight of these transactions are particularly interesting as they come amid growing optimism and sentiment in the XRP community.
Source: Whale Alert/X
XRP broke the $1 mark for the first time in three years after it surged to a multi-year high of $1.6. The rise was mainly triggered by the resignation announcement by SEC chairman Gary Gensler, who is expected to step down from office on the same day as Donald Trump’s inauguration, January 20, 2025.
Meanwhile, the recent whale transfers can be suggested as bullish since they transferred to offline storage, indicating long-term holding. With XRP predicted to soar to unimaginable heights in 2025, large investors may be securing their positions ahead of a potential surge.
Prominent Legal Expert Refutes Rumors of Expedited Judgement
Yesterday, a rumor went around the XRP community of a significant Ripple victory that implied that the court approved a motion to expedite the judgment process in the Ripple vs SEC lawsuit. However, legal expert, Jeremy Hogan, clarified things by noting that the case had nothing to do with the SEC case.
He stressed that the case was related to a California private civil lawsuit, adding that it is a separate legal matter and has nothing to do with the ongoing SEC lawsuit. The rumor, however, impacted the XRP price within a short time.
XRP Price Movement Amid Rumor and Transaction
On-chain data reflects a positive movement for the Ripple-backed coin, XRP, in the last 24 hours. XRP has posted the most gains among the top 40 cryptocurrencies by market cap. At the time of writing, XRP was changing hands at $1.69, representing a 14.7% increase in the last 24 hours.
Source: CoinMarketCap
Also, XRP’s one-day trading volume surged by 65.5% to $10.72 billion with a live market cap of $96.2 billion. Impressively, XRP has surged by 221% in the last 30 days, now securing the position of the 5th-largest cryptocurrency by market cap, surpassing Dogecoin (DOGE) and Binance Coin (BNB).
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