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HomeCryptocurrencyOver 356 Million XRP Shuffled By Whales As Ripple-SEC Case Winds Down

Over 356 Million XRP Shuffled By Whales As Ripple-SEC Case Winds Down

The movement of the sixth-largest cryptocurrency by market capitalization XRP is getting more intense as crypto whales and members of the XRP community expect a conclusion in the longstanding legal tussle between the SEC and Ripple Labs Inc.

Shortly after Ripple’s Chief Executive Officer Brad Garlinghouse shared his optimism regarding the XRP lawsuit ending in the first half of 2023, crypto whales have moved millions of the XRP Ledger native currency. 

Within the last 24 hours, XRP whales shifted 356,794,839 XRP in just four transactions involving different unknown wallets and some popular centralized exchanges. Using the exchange rate at the time of the individual transactions, roughly $140 million ($139,926,205) in value was moved using the carbon-neutral XRP Ledger network. 

As reported by the prominent blockchain analytic platform, the largest XRP movement among the four transactions was recorded when a whopping 61,094,839 XRP worth $102,414,350 was transferred from one unidentified wallet to another unknown wallet on Thursday at 17:01 UTC. 

A couple of hours after this large XRP transfer, a certain deep-pocketed whale transferred 28 million XRP valued at $10.94 million from a non-exchange wallet to a wallet registered on the Bitso exchange. The transaction was completed on Friday at 00:17 UTC.

In close succession, 33 million XRP priced at $12,946,935 flowed into Bitstamp from an unknown whale. Whale Alert then reported an outflow of 34.7 exchange XRP transfer worth $13,617,300  from Bitso exchange to an unknown wallet.

XRP Lawsuit To End Soon

The XRP lawsuit which was filed against the crypto solutions company Ripple by the United States Securities and Exchange Commission is predicted to be wrapped up in 2023. 

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While the presiding judge hasn’t made an official statement regarding the case conclusion, several indications show that the remaining proceedings in the case would not last beyond 2023. It bears noting that all scheduled events earlier shared by the defense lawyer James K. Filan have been briefed. 

As stated by Ripple CEO Brad Garlinghouse and John Deaton, the attorney representing over 75K XRP holders as amici curiae, a settlement in the XRP lawsuit is unlikely. The XRP community now hopes for a favorable summary judgment from Judge Analisa Torres.


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Ndianabasi Tom
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. ([email protected])
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