Massive XRP Chunks Moved to Top Exchanges as XRP Price Jumps
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
According to data shared by Whale Alert crypto tracker, which follows large crypto transactions on various blockchains, within the period of the past 24 hours, there have been two major XRP transfers to popular crypto exchanges – Bitso and Bitstamp.
This happened as the price of the Ripple-affiliated XRP coin experienced a price jump by nearly 9% - the first in 10 days - while other altcoins keep going down.
Anon wallets transfer 64 million XRP, price jumps 9%
The above-mentioned data source mentioned that 32,300,000 XRP and 32,300,000 XRP evaluated at $15,794,353 and $15,212,146 were transferred to popular Europe-based platform Bitstamp and Mexican cryptocurrency unicorn Bitso.
This may seem like crypto investors trying to sell part of their XRP stash. Still, data provided by Bithomp, an analytics service focused on XRP transfers and wallets, has revealed that behind both anonymous senders stands Ripple-related wallet r4wf7enWPxyHtbizyV7ZHiZi5XgwHh4Rzn.
Over the past two months, Ripple has been regularly sending around 30 million XRP to Bitstamp several times per week, and a little less frequently to Bitso as well. This time, as the price surged by nearly 9%, it may indeed look like a profitable sale. Another option is that both Bitstamp and Bitso are Ripple's partners in seamless transnational funds transfers conducted via RippleNet using XRP.
Alex DovbnyaHere are reasons for XRP's price jump
There are two major reasons why XRP is going up, while the majority of the other top altcoins are in the red at the moment.
The first reason was explained in a recent tweet by Santiment on-chain data aggregator: the price growth is down to small whales, who keep in their wallets between 10,000 XRP and 10,000,000 XRP. They have been accumulating XRP coins quickly as of late, and at the time of this writing, these wallets contain nearly 30% of the total XRP supply in circulation.
The second reason is the astounding fact and the reason for the Ripple community to celebrate – the company's CEO Brad Garlinghouse and its cofounder Chris Larsen have been cleared of all charges made by the SEC in December 2020. They were accused of making personal XRP sales (which the SEC claims to be an unregistered security) worth over $1 billion since the launch of Ripple to institutional investors. Now, the court has formally removed those charges by the securities regulator.
Earlier this year, there was also another victory of Ripple over the SEC in court; the court then ruled that secondary market sales of XRP did not qualify as securities, while sales of this tokens to financial institutions did.
At the time of this writing, XRP is changing hands at $0.51992 on the Bitstamp exchange.
Related articles
Tomiwabold Olajide
Dan Burgin
U.Today Editorial Team
Vladislav Sopov