According to data shared by the platform WhaleStats, which tracks large cryptocurrency transactions, approximately 582 million XRP has been transferred in the past 24 hours. This includes sending Ripple 50 million tokens.
Ripple Moves 50 Million XRP To An Unknown Address
Five hours ago, according to the aforementioned source, the fintech giant Ripple transferred 50 million XRP to an anonymous wallet.
However, data shared by the Bithomp wallet tracker shows that this huge chunk of XRP was sent to its alternate address, RL18-VN. As a rule, it is used to send XRP to institutional clients and exchanges for sale, or to support currency liquidity, and to custodians such as BitGo.
582 Million XRP Transferred
Whale Alert also tweeted that a total of 581.6 million XRP was transferred between exchanges. The largest transactions here were two, each holding 150 million tokens. One of them was transferred from an unknown wallet to crypto-exchange giant FTX, and the other whales sent them from Binance to Bittrex.
XRP price increases by 10% in the past 24 hours
Ripple’s price rebounded by 10%, outperforming the top 10 cryptocurrencies in gains. At press time, XRP is trading at $0.38, up 9.67% in the past 24 hours.
Interestingly, XRP is still the only cryptocurrency, whose price has increased by 7%, while the top 10 cryptocurrencies have suffered losses in the past seven days.
After a massive sell-off in the cryptocurrency market at the beginning of the week, the price of XRP dropped to as low as $0.339 on Sept 19.
This was followed by a recovery that took XRP to a high of $0.392 on the same day.
Securities and Exchange Commission (SEC) lawsuit against Ripple
By claiming that its digital currency, XRP, is not a fiat, which falls under the jurisdiction of the Securities and Exchange Commission, Ripple is seeking to win a lawsuit brought by the commission.
The Securities and Exchange Commission (SEC) accused Ripple of raising funds through unregistered securities in a lawsuit filed in 2020. The lawsuit could affect dozens of other cryptocurrencies and is expected to help clarify the agency’s ability to regulate cryptocurrencies.
Ripple claims to have done nothing wrong, and claims that the Securities and Exchange Commission (SEC) cannot regulate XRP because it is a medium of exchange, a virtual currency used in international and domestic transactions, and not a fiat.
Follow | Al-Nahda News _ Hossam Mohamed