A cryptocurrency whale associated with the wallet address "0xd275" has come under scrutiny following a series of suspicious transactions prior to the major rally in the XRP price.
According to blockchain analysis firm Lookonchain, the whale borrowed 10 million USDT from the decentralized lending platform Aave and transferred it to the Bitfinex exchange 16 hours before the significant spike in the XRP price that also rippled through other major coins.
The entity then withdrew 300 WBTC, equivalent to around $9.4 million, from Bitfinex seven hours before the surge.
The timing of the transactions has raised eyebrows since XRP surged around 80% following a mixed but overall positive verdict in the Ripple versus SEC case.
Alex DovbnyaA significant win for Ripple
The dramatic price movement followed US District Judge Analisa Torres' summary judgment verdict, which says that some XRP sales did not constitute a securities offering.
This nuanced ruling is viewed as a victory for Ripple Labs, with CEO Brad Garlinghouse proclaiming it a win for the U.S. crypto industry as a whole.
Stu Alderoty, Ripple's legal counsel, argued that the court's decision establishes that the digital asset itself is not an investment contract.
According to CoinGecko data, the 24-hour trading volume stands at approximately $13.6 billion, showcasing the high trading activity and interest the digital token has attracted following the pivotal court ruling.
Valeria Blokhina
Vladislav Sopov
Dan Burgin
U.Today Editorial Team