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As reported by prominent crypto tracking service Whale Alert, over the period of the last 24 hours, a staggering amount of XRP was transferred by unknown wallets — over 410 million coins.
In the meantime, over the past 24 hours, the price of the Ripple-affiliated token has gone up slightly, rising around 2.5%. Still, over the past two weeks, the coin's rise has totaled nearly 14%, hitting the $0.41 level.
Whales move 431.5 million XRP
Two XRP transactions carrying massive amounts of the Ripple-tied crypto were spotted by the above-mentioned crypto tracking giant. 253,594,773 XRP and 160,000,000 XRP were shoveled, worth $103,264,033 and $65,533,398, correspondingly.
The bigger transfer was made between two anonymous crypto addresses. The smaller one was an internal transaction conducted by the major South Korean Bithumb exchange. As reported by U.Today, earlier this week, local prosecutors requested an arrest warrant for the "secret chairman" of the exchange, Kang Jong-Hyeon.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 253,594,773 #XRP (103,264,033 USD) transferred from unknown wallet to unknown wallethttps://t.co/jLpTtfQ6jn
— Whale Alert (@whale_alert) January 27, 2023
Whale activity and XRP price pushed up by this factor
The main driver of the XRP price surge since the start of the year have been manifold interviews of Ripple Chief Executive Brad Garlinghouse during the annual World Economic Forum in Davos, Switzerland, this year.
Garlinghouse stated that he expects the decision of the court regarding the long-running case of the SEC against Ripple to be delivered this year, probably even during the next few months as all the necessary materials have been submitted and briefed for the judge to look at.
The CEO stated that he does not believe that a settlement would take place as the regulator is unlikely to meet Ripple's major condition — XRP should be classified as a non-security on a forward-going basis. Therefore, the CEO expects the case to at least end this year.
Overall, according to Garlinghouse, things are going well for Ripple even despite the lawsuit that has been running since December 2020, a lot of new customers have joined Ripple outside of the U.S., and XRP is engaged in around 50% of transactions processed by the company on a yearly basis — that is billions of USD.
Tomiwabold Olajide
Arman Shirinyan
