{"id":21845,"date":"2023-09-02T14:29:37","date_gmt":"2023-09-02T14:29:37","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/whale-alert-sparks-speculation-as-xrp-transfers-surge\/"},"modified":"2023-09-02T14:29:39","modified_gmt":"2023-09-02T14:29:39","slug":"whale-alert-sparks-speculation-as-xrp-transfers-surge","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/whale-alert-sparks-speculation-as-xrp-transfers-surge\/","title":{"rendered":"Whale Alert sparks speculation as XRP transfers surge"},"content":{"rendered":"

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A recent substantial purchase of Ripple\u2019s XRP (XRP) token has been detected by the crypto tracking platform Whale Alert.<\/p>\n

Whale Alert reported<\/a> a transfer of 66,666,659 XRP, worth approximately $33,065,809, from Binance to an undisclosed wallet. The move has sparked speculation about its potential price impact.<\/p>\n

In the XRP ecosystem, there have been recent\u00a0transfers<\/a>\u00a0of substantial amounts of XRP into secure escrow accounts by Ripple. Notably, 300,000,000 XRP, worth roughly $146,927,854, and an additional<\/a> 500,000,000 XRP, worth roughly $244,748,526, have been placed in escrow. <\/p>\n

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66,666,659 #XRP<\/a> (33,065,809 USD) transferred from #Binance<\/a> to unknown wallethttps:\/\/t.co\/OwwbvEdBNs<\/p>\n

\u2014 Whale Alert (@whale_alert) September 2, 2023<\/a><\/p><\/blockquote>\n

The moves come amid the ongoing legal battle between Ripple and the United States Securities and Exchange Commission (SEC). Ripple\u2019s legal representatives have\u00a0recently issued a response to the SEC concerning its appeal against Judge Analisa Torres\u2019 July ruling that XRP is not a security when sold to the general public.<\/p>\n

Ripple\u2019s legal team argued that the prerequisites for an interlocutory appeal were not met and urged the court to either dismiss the appeal or impose a stay.<\/p>\n

Related: <\/em><\/strong>SEC vs. Ripple: Pro-XRP lawyer urges Clayton, Hinman testimony<\/em><\/strong><\/p>\n

XRP has experienced significant increases in use recently, with a seven-month high in on-chain transactions and a three-month peak in circulation. These metrics indicate a rising level of engagement and activity within the XRP ecosystem, potentially stimulating increased demand. <\/p>\n

While the road to a $1 XRP price remains uncertain, events associated with the XRP ecosystem persist in impacting the token\u2019s price and investor speculation.<\/p>\n

Magazine: <\/em><\/strong>Get your money back: The weird world of crypto litigation<\/em><\/strong><\/p>\n<\/div>\n