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Ripple Keeps Selling Millions of XRP After Filing Opposition to SEC's Appeal Request

Wed, 09/06/2023 - 09:56
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Yuri Molchan
Fintech giant Ripple continues to transfer large amounts of XRP to Bitstamp
Ripple Keeps Selling Millions of XRP After Filing Opposition to SEC's Appeal Request
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Blockchain tracking platform Whale Alert, which traces large cryptocurrency transfers, has noticed several large XRP transactions. One of them was made by Ripple (not the first one this week), and another transfer carried more than 400 million XRP.

The latter seems to be yet another in a series of similar XRP transfers that have been taking place over the past few weeks.

Ripples sells 90 million XRP this week

According to recent X posts published by Whale Alert, over the past two days, Ripple fintech company based in San Francisco has sold 88,800,000 XRP in total. This amount of crypto is worth $44,463,758.

The funds were transferred to major Bitstamp exchange in two chunks, which contained 29,500,000 XRP (on Sept. 5); 29,600,000 XRP (Sept. 4) and 29,600,000 XRP (Sept. 3).

These sales began after Ripple Labs filed an opposition against the appeal request recently submitted by the SEC regulator to the court.

The security regulatory agency of the U.S. appealed against the recent ruling of Judge Analisa Torres, who stated that XRP sales on secondary markets conducted by Ripple do not qualify as security sales, unlike the XRP the company sold to financial institutions.

Related
Ripple Files Lawsuit Against UK Money Transfer Service: Details

Anon whale moves another 424 million XRP lump

Aside from the recently spotted XRP sales conducted by Ripple, the aforementioned crypto tracker also noticed 424,872,287 XRP worth a staggering $213,298,147.

This is yet another transfer of XRP of this size made over the past few weeks. These transactions that move more than 424 million XRP are conducted between wallets marked by Whale Alert as "unknown," and they cannot be traced by the XRP-focused Bithomp analytics company either.

However, these massive chunks of XRP close to half a billion tokens each began moving after Ripple scored its final win against the SEC in court, against which the regulator has now filed an appeal, as stated above. If nothing else, this likely signifies another wave of interest by investors rising toward the Ripple-affiliated XRP token.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.