About 400 Million XRP Moved in the Past 24 Hours: Here’s Where They Are Heading

Ripple’s XRP whales have moved nearly 400 million XRP tokens in the past 24 hours alone. These large transfers were done between several top exchanges and unknown whale wallets.

According to data collected by TimesTabloid from Whale Alert, the most advanced blockchain tracker and analytics platform that reports large and exquisite transactions, approximately 361,992,991 XRP tokens have been transferred in just a day.

XRP Whales in Action

It is worth noting that these large transfers were done in 7 transactions. The largest transaction was a 100 million XRP token from FTX exchange to an unknown crypto wallet. This transfer was worth approximately $37.5 million.

The second largest transfer involved a whopping 95 million XRP tokens from FTX to an unknown wallet and was executed in the past 3 hours. This transfer was worth approximately $35.6 million.

Also, 45 million XRP tokens were moved from an unknown wallet to the Bitstamp crypto exchange. Similarly, a certain XRP whale sent 45 million tokens to Bitso in almost the same hour. Both transactions were worth an estimated $17 million each.

As revealed by the tracking platform Whale Alert, another 40 million XRP tokens were sent to Bitstamp from an unknown crypto wallet in the past 3 hours. Conversely, about 37 million Ripple tokens were also transferred from the exchange to an unknown wallet in a separate transaction.

Whale Alert equally reported a 72 million XRP transfer from an unknown wallet to Bitstamp in the late hours of August 15.

However, there has been no significant movement in the price of XRP both in the upward or downward direction. Hence, it is hard to say whether these XRP whales are dumping or trying to pump the asset’s price.

Notably, XRP is trading for $0.375 at the time of filing this report. As revealed by Coinmarketcap data, XRP has only appreciated about 2% in price in the last 7 days. Meanwhile, Ripple’s native token XRP was relegated to the 7th position in terms of market capitalization by Cardano (ADA) on Saturday.

Positive Signs For XRP in SEC Lawsuit

XRP whales have been steadily moving mouth-watering amounts of the digital token in and out of exchanges despite the ongoing legal tussle between Ripple, the leading cross-border payments service provider, and the United States Securities and Exchange Commission (SEC).

In a recent development, John Berry, an ex-lawyer for the United States Securities and Exchange Commission (SEC), noted that Ripple’s digital token XRP is similar to the two largest cryptocurrencies Bitcoin (BTC) and Ethereum (ETH). This goes in line with Hinman’s statement in 2018 about ETH.

In essence, the former SEC employee said that XRP should not be classified as a security in contrast to the SEC’s claims. John Berry further shared reasons why XRP should be treated like Bitcoin (BTC) and Ethereum (ETH).

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Ndianabasi Tom

Ndianabasi Tom joined the crypto and blockchain industry in late 2018. He is an all-rounded crypto journalist and content writer. At TimesTabloid, he covers the industry's latest news, developments, and other educational content. He is a graduate of Petroleum Engineering.