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There has been a growing movement of XRP, as flagged by on-chain whale transaction analytics platform Whale Alerts. Over the past 24 hours, three major XRP movements were observed, with the first being 35,000,000 units of digital currency sent from an unknown wallet to Bitstamp exchange.
🚨 35,000,000 #XRP (14,056,864 USD) transferred from unknown wallet to #Bitstamphttps://t.co/2ND0pQiTvx
— Whale Alert (@whale_alert) February 7, 2023
Also, a total of 248,294,607 XRP worth $99,696,462 was also moved from one wallet to another unidentified one. Additionally, 32,200,000 XRP units were moved out of the Bitso exchange with a defined worth of over $13.13 million.
Movement of funds is what characterizes the crypto economy, and on a normal day, this particular movement might not mean so much. However, XRP is a digital currency with so much speculation surrounding it as a result of the lingering legal tussle between Ripple and the United States Securities and Exchange Commission (SEC).
While the movement of funds into an exchange could be to liquidate the asset, it could also imply a move to tap every possible earned product available on the platform. The outflow of funds from the Bitso exchange may also be linked to self-custody.
Yuri MolchanMassive XRP movement incoming
XRP has endured a lot of strain over the past two years since the SEC lawsuit was launched. One unique way the cryptocurrency suffered at the time was in its delisting by mainstream digital currency trading platforms like Coinbase Global Inc.
With the likely expectation of a verdict in the Ripple v. SEC case, we are bound to see the movement of XRP on and off exchanges in line with the verdict from the court. Should Ripple Labs Inc win over the SEC, as many are projecting, we are likely to see a renewed listing of the cryptocurrency, which will drive more intense buy-ups.
Alex Dovbnya
Dan Burgin
Vladislav Sopov