Whale moves over 60 million of XRP to an unknown wallet.
Whale Alert, the cryptocurrency transaction monitoring platform, has unveiled a notable XRP transaction, intensifying speculations about Ripple's token and its market trajectory.
According to the alert unveiled on September 2nd, the transfer involved 66,666,659 XRP, worth around $33 million, moved from crypto exchange Binance to an unknown wallet.
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However, this move isn't entirely a new phenomenon. Recently, Ripple has been actively securing large volumes of XRP in escrow accounts.
In recent months, two significant amounts were placed in escrow: 300,000,000 XRP, valued at approximately $147 million, and another 500,000,000 XRP, valued close to $245 million.
These activities have occurred against the backdrop of Ripple's continuing legal faceoff with the United States Securities and Exchange Commission (SEC). In July, Judge Analisa Torres' ruled that XRP is not a security when sold to the public but is a security when sold to institutional investors.
Following the ruling, Ripple's XRP has witnessed a significant uptick in on-chain transactions, reaching a seven-month high and a peak in circulation over the last three months. These trends suggest a heightened level of engagement within the XRP ecosystem and could potentially fuel increased demand for the token.
At the time of writing, XRP retails for $0.5058, recording a 0.43% price increase in the last 24 hours.
The large XRP transfers and Ripple's recent escrow activities have stirred investor curiosity and speculation. Concurrently, the ongoing legal issues with the SEC and rising on-chain metrics indicate a complex and evolving landscape for XRP. While it is still unclear how these events will influence the token's valuation, they continue to be a focal point for market watchers.
