While the XRP community is anticipating a potential settlement in the Ripple vs. SEC case, a smart whale is taking the initiative to accumulate volume coins with hopes of a favorable price movement. Recent data shows that the unidentified entity transferred a staggering 50 million XRP coins from a popular centralized crypto exchange.
The size of these transactions has piqued investors’ interest as it signifies growing confidence in the future outlook of the digital asset. The outcome of the lawsuit between Ripple and the U.S. SEC has had a major impact on the price of XRP, which is why market participants are keenly watching to see how it turns out.
XRP Whale Shifts Over 50 Million Coins From Binance
According to data from Whale Alert, a prominent crypto large transaction tracker, this large investor moved 50.4 million XRP over the last day. Notably, the transactions were split into two unequal halves with hours apart. Per the data provided, the entity, identified with the address ‘rDAE…JPxr’ shifted exactly 23,954,199 XRP, valued at approximately $14.7 million, about 18 hours ago from press time from the Binance cryptocurrency exchange to another “unknown wallet.”
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After 16 hours, the same whale returned with another staggering transfer of 26,472,378 XRP from the same Binance exchange to another anonymous wallet. The total value of the second transfer was $16.02 million. Notably, this entity has been observed moving substantial amounts of XRP, in millions, over the last month.
Smart Whale Accumulates 50 Million XRP Ahead of Anticipated Ripple vs. SEC Settlement#cryptonewstoday #RippleVsSEC #tuesdayvibe #XRPArmy #Ripple
— 36crypto – Crypto News (@36Crypto2) July 23, 2024
Interestingly, the recent transaction comes ahead of a possible final ruling in the Ripple vs. SEC case which has been going on since December 2020 after the regulatory watchdog filed a lawsuit against the blockchain giant for allegedly violating federal security laws. The SEC canceled an expected closed-door meeting that was supposed to happen last week. The meeting was rescheduled for July 25 and is expected to discuss important matters including “Institution and settlement of administrative proceedings” and “Resolution of litigation claims.“
Meanwhile, this whale is not the only entity to have carried out large XRP transactions in the last 24 hours. Whale Alert also reported another transaction, this time, dumping 23,100,000 XRP, worth$14.3 million from an unknown wallet to the Luxembourg-based Bitstamp exchange. The simultaneous accumulation and dumping activities by these whales have added another layer of speculation to the brewing concerns about the tokens’ future.
XRP Price Trajectory Amid Large Transfers
Following the previous cancelation of the SEC secret meeting, the price of XRP took a sharp turn, dropping by nearly 10% last week. However, as the new date approached, the coin picked up momentum and jumped above the $0.6 mark. But at the time of writing, the trending coin has declined significantly by 3.69% to $0.593. Notably, XRP has traded between the lows and highs of $0.5921 and $0.6229 respectively.
Source: Coinstats
XRP exhibited impressive movement in hindsight. Per Coinstats data, XRP has gained over 22% in the monthly chart and 8.82% in the weekly chart. As we await the potential settlement between the XRP-issuing company and the SEC, it will be interesting to observe the pattern and trajectory of XRP in the coming days.
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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.