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- A 30,000,000 XRP transfer from Ripple to an unknown wallet sparks speculation about strategic whale movements.
- The SEC appealed its case against Ripple but did not challenge the ruling that XRP isn’t a security.
The crypto community has noticed a 30,000,000 XRP transaction from Ripple to an unknown wallet valued about $15.9 million. Whale Alert, a well-known blockchain tracker infamous for tracking notable crypto moves, noticed this large-scale transaction.
Given their possible signals of strategic moves or future trading activity, this kind of behavior sometimes stimulates conjecture on the possible motivations behind these transfers.
🚨 30,000,000 #XRP (15,908,943 USD) transferred from #Ripple to unknown wallethttps://t.co/AXJZIXOoUE
— Whale Alert (@whale_alert) October 23, 2024
Whale Transfers and Rising Institutional Interest Signal Growing Confidence in XRP
This specific transfer’s relevance comes from its timing and scale. Often part of more general market strategy, whale investors—those with significant quantities of cryptocurrencies—move big sums to unidentified wallets. Usually seen as encouraging signals, these actions suggest that these investors hope XRP will show good future performance.
Not only in terms of whale transfers but also in institutional interest, XRP has been the focus of increasing activity in recent weeks. Often taken as evidence of more general confidence in the token, Ripple’s XRP Trust has experienced a significant increase and is almost all-time high in holdings.
Moreover, as we previously reported, other notable XRP transfers have been detected, and one transaction involving 30 million XRP was transferred from the South Korean exchange Upbit to an unidentified wallet.
To add to the conjecture, XRP boasts optimistic forecasts. Analysts think that a major price increase could follow from whale-based mass accumulation.
Historically, such whale movements have typically preceded rising price momentum, and the increasing frequency of these transfers suggests that big players are setting themselves in readiness for such a change.
Regarding regulations, CNF previously noted that although the U.S. Securities and Exchange Commission (SEC) appealed in its lawsuit against Ripple, it notably refutes the court’s ruling declaring XRP to be not a securities.
Rather, the appeal centers on other facets of the court’s decision, including XRP sales by Ripple officials. With investors attentively observing any changes, this continuous legal fight shapes market mood on XRP.
Meanwhile, XRP is trading about $0.531 at the time of writing, very marginally changed by 0.07% over the last 24 hours. Though there is a little increase, worries about prospective negative effects still exist since market structure indications point to potentially bearish trends in the not too distant future.
