Last updated on May 18th, 2024 at 12:26 pm
Ripple Labs – a leading crypto solution provider, reportedly transfers a significant amount of its XRP tokens amounting to 31 million to an anonymous wallet. Ripple has been in the news due to its legal battle with the Securities and Exchange Commission.
According to WhaleAlert – an on-chain transaction tracker, Ripple made the transfer of 31,000,000 XRP (equivalent to $16.5 million) in the early hours of August 30.
🚨 31,000,000 #XRP (16,530,182 USD) transferred from #Ripple to unknown wallethttps://t.co/TAStNyDnyr
— Whale Alert (@whale_alert) August 30, 2023
Advertisement
The transaction which has caught the attention of the crypto community comes at the heel of the recent development in the case between Greyscale and the United States Securities and Exchange Commission.
As earlier reported, Greyscale scored a victory over the SEC when the court ruled that “denial of Grayscale’s proposal was arbitrary and capricious because the Commission failed to explain its different treatment of similar products.”
There have been speculations among crypto enthusiasts about the destination wallet. Some have said that the receiving wallet is also owned by the blockchain company. The unknown wallet’s history shows that it has been receiving a staggering amount of XRP monthly.
Related Reading: Almost 1 Billion XRP Withdrawal Recorded from Crypto Exchange Over the Weekend
27 million XRP transferred to Bitstamp
Meanwhile, there have been other significant transfers reported by WhaleAlert. A staggering 27,600,000 XRP was transferred from an unknown wallet to the popular crypto exchange Bitstamp. The amount of XRP moved is valued at around $14,860,623 ($14.8 million) at press time. Between August 27 and 29, Bitstamp received three significant XRP transfers totaling 85.2 million ($43 million).
🚨 27,600,000 #XRP (14,860,623 USD) transferred from unknown wallet to #Bitstamphttps://t.co/dsUmgeCcts
— Whale Alert (@whale_alert) August 29, 2023
Also, another massive XRP transfer was recorded between two unknown wallets carrying over 424 million tokens (equivalent to $225.9 million). Further details about the history of these unknown wallets were not provided. Following these transfers, the price of XRP was impacted.
XRP price today
Source: CoinMarketCap
According to data from CoinMarketCap, the price of XRP experienced a slight growth following the above transfers. The price increased slightly by over 3% raising it to $0.5320. However, at press time, XRP has lost about 2.5% of the gains and is currently trading at $0.53. Furthermore, XRP has a 24-hour trading volume of $1,371,483,378 ($1 billion). Ultimately, XRP is ranked #5 on the global crypto market chart with a live market cap of $27,973,740,947 ($27.9 billion).
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.