The Crypto market has been showing unusual movements of late amid Ripple’s recent activity.
Recent posts from Twitter blockchain tracking account Whale Alert reveal the fintech company Ripple was seen moving a sizable amount of XRP tokens during the previous 13 hours.
The tweets claim that around 500 million XRP coins were traded, which caused a sharp increase in the value of the XRP token.
At the time of writing, the price of XRP had increased by more than 4% during the past 24 hours. The large trade is an unusual event especially when you consider its impact on the crypto community.
How much was moved? Six significant portions, including the two largest shares of 214,000,000 XRP valued at $73.5 million and 100,000,000 XRP believed to be worth $34 million, were transferred.
- Additionally, the top cryptocurrency exchange Binance moved the earlier sum across its internal wallets. The latter portion, however, was transferred from one of Ripple’s internal wallets to another address that uses Ripple.
- A further 33.5 million XRP currencies from the 100 million tokens, according to Whale Alert, were moved to another Ripple wallet.
- The remaining 480 million was transferred in chunks of 36,000,000 to an “unknown” address, and 30,000,000 and 40,000,000 XRP were transferred from Bittrex wallets to addresses linked to the Bitstamp exchange.
- Consequently, Ripple’s main ODL platform, Bitso, a crypto unicorn exchange, exchanged a total of 59,400,000 coins valued at over $164.1 million USD internally.
Crypto prices: The six biggest cryptocurrencies in the world have seen price increases as a result of the transactions. According to the Bitstamp exchange platform, XRP has climbed from $0.33 to $0.35 during the past 24 hours. The coin is now trading at $0.3490, indicating a little decrease in price. 2
- Despite $9.7 million in cash leaving digital asset investment products last week, according to a CoinShares report released on Monday, investors put $3 million into XRP.
- Only authorized investors, who must meet certain income standards as per the SEC, are permitted to purchase these kinds of goods.
- Banks and other financial institutions can now move money quickly and for very little cost thanks to Ripple.
Meanwhile, the United States Securities and Exchange Commission has been suing the company since 2020, accusing Ripple and two of its co-founders of deceiving investors by generating $1.3 billion through unregistered security offerings since 2013. Ripple refutes that its XRP coin is a security.
Although the case has gone on for years, it is anticipated that a decision will be made in the first half of this year.
