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- Whale Alert detected two massive XRP transfers to Bitso and Bitstamp wallets from the same wallet.
- Ripple’s court victory over the SEC clears institutional barriers, boosting XRP’s future potential.
In a recent price swing, whale tracking sites noticed large transfers of XRP tokens worth millions of dollars to exchange wallets. Whale Alert, a well-known crypto monitoring service, reported two distinct and significant XRP transfers on Twitter.
The initial transfer involved 25,200,000 XRP, or $15,368,209, which was sent to a Bitso wallet. The second transfer saw 7,770,000 XRP, worth $11,180,378, sent to a Bitstamp wallet. Notably, both transactions came from the same wallet, 5XgwHh4Rzn.
🚨 25,200,000 #XRP (15,368,209 USD) transferred from unknown wallet to #Bitsohttps://t.co/d5sb63GyaL
— Whale Alert (@whale_alert) August 8, 2024
Whale Transfers Hint at Liquidation as XRP Value Drops Following Massive Moves
Typically, transferring assets to exchange wallets indicates an intention to liquidate or swap these tokens for others. At the time of writing, the sending wallet had only 209.37 XRP, worth around $125.50, indicating a significant decrease in its holdings following these massive transfers.
Meanwhile, as this piece is being written, Ripple’s token is trading at approximately $0.5985, down 2.68% over the last 24 hours. It appears that these two transactions were a contributing factor in the most recent decline in the value of XRP.
On the other hand, CNF recently highlighted Ripple’s big victory over the SEC, with XRP officially labeled a non-security. Additionally, the court decreased the SEC’s punishment for institutional XRP sales that violated federal securities laws from $2 billion to $125 million.
Following this triumph, as we previously reported, an analyst anticipated that XRP would reach $20 within a year. The restrictions on institutions gaining exposure to Ripple’s coin appear to have been lifted, paving the way for a potentially huge leap in the future.
