Over 319 Million XRP Moved in 24 Hours as Ripple-SEC Case Nears Conclusion: Here’s the Destination

Stunning amounts of the Ripple-linked digital token continue to be moved in the cryptocurrency market by multiple whales. This growing appetite for XRP could be attributed to the anticipation of a favorable outcome in the Ripple-SEC case. 

According to Whale Alert, the popular blockchain analytics platform, a total of 65.2 million XRP have been shifted in the last 24 hours in two separate transactions. 

In the first transaction which occurred on Monday at 23:22 UTC, an identified deep-pocketed investor transferred a whooping 35,000,000 XRP valued at $14,973,042 from one unknown wallet to a wallet on the Bitstamp exchange. 

Within the same hour, the tracking platform reported another huge transfer of 30,200,000 XRP from a certain Bitso exchange user to an unknown non-exchange wallet. This transaction recorded on Monday at 23:30 UTC was worth $12,867,050 at the time of execution.

Whale Alert further revealed a shifting of 254,594,795 XRP worth about $108 from one unknown wallet to another in one transaction on Monday at 12:22 UTC. It is worth noting that the receiving wallet was created on the same day and still holds the transferred volume at the time of writing.

This could mean that whales are anticipating a massive rally in the price of XRP hence, their increasing accumulation of the XRP Ledger digital currency. XRP has been underperforming for a long time following the XRP lawsuit that was initiated by the SEC in 2020.

As the XRP lawsuit is set to be concluded around mid-2023 according to Ripple CEO Brad Garlinghouse, investors are confident the San Francisco-headquartered cross-border payment would come out victorious which will in turn spark a bull run for the 6th-largest crypto asset by market capitalization.

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