Cryptography firm Ripple Labs recently completed substantial XRP transactions, emphasizing its continued activity in the market. Two transfers, detected by the crypto tracking service Whale Alert, totaled nearly half a billion XRP. Ripple’s involvement in these transactions raises questions about its future plans and impact on the cryptocurrency market.
Significant XRP Transfers
On the 30th of August, Whale Alert identified two notable XRP transfers, amounting to a combined total of 455 million XRP. Out of the whopping transfers, Ripple moved 31 million XRP to a wallet of unknown origin.
🚨 31,000,000 #XRP (16,530,182 USD) transferred from #Ripple to unknown wallethttps://t.co/TAStNyDnyr
— Whale Alert (@whale_alert) August 30, 2023
It’s worth noting that Ripple usually conducts such transactions to support its On-Demand Liquidity (ODL) platforms or cover operational expenses. The transferred XRP, valued at approximately $16,530,182, confirms Ripple’s ongoing engagement in the market.
The largest of the two transfers involved 424,018,481 XRP and occurred between two anonymous parties. Further details about these entities were not disclosed.
🚨 31,000,000 #XRP (16,530,182 USD) transferred from #Ripple to unknown wallethttps://t.co/TAStNyDnyr
— Whale Alert (@whale_alert) August 30, 2023
Ripple’s active involvement in such large-scale transactions implies the company’s influence on the cryptocurrency market. These transfers highlight Ripple’s continued efforts to support its ODL platforms and maintain liquidity. The market closely watches Ripple’s activities to gain insight into its future plans and potential impact on the broader crypto industry.
Ripple Plans Celebration for Lawsuit Victory Against SEC
In another development, Ripple Labs has announced plans to hold a long-awaited celebration in September to commemorate their triumph in the legal battle against the United States Securities and Exchange Commission (SEC).
The lawsuit, initiated by the SEC in December 2020, alleged that Ripple amassed $1.3 billion through XRP sales, which were deemed as securities by the regulator.
This legal dispute has garnered significant attention within the crypto industry and beyond, as it holds implications for the broader regulatory landscape surrounding cryptocurrencies.
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