Blockchain Sleuth Reveals Massive XRP Transfers to Top Exchanges

Blockchain sleuth Whale Alert has uncovered two substantial XRP transactions to leading cryptocurrency exchanges, Binance and Bitstamp.

Over the past 13 hours, Binance and Bitstamp have seen massive XRP deposits. Binance received 33,000,000 XRP, while Bitstamp witnessed a transfer of 25,270,000 XRP. These figures equate to $19,734,848 and $15,191,832 in fiat currency, respectively.

Source : X Post

The Binance transfer occurred just three hours ago, sparking a flurry of speculation among users. Many believe this could signify a large-scale sale by an anonymous cryptocurrency whale. However, data from the XRP-focused explorer Bithomp reveals that the Binance transaction was an internal movement, with the anonymous wallet linked directly to the crypto exchange.

The Bitstamp deposit originated from a digital wallet associated with the Ripple cryptocurrency behemoth. Bitstamp is one of the exchanges that collaborates with Ripple, facilitating cross-border payments through the RippleNet network.

Ripple’s Legal Chief Hints at Potential SEC Appeal in XRP Case

In a recent conversation, Ripple’s Chief Legal Officer, Stuart Alderoty, suggested that the U.S. Securities and Exchange Commission (SEC) may appeal the court’s decision regarding XRP’s status.

Last July, a federal judge ruled that Ripple’s XRP sales on cryptocurrency exchanges were not considered securities, unlike the company’s sales to financial institutions. This decision briefly led to a surge in XRP’s price. Earlier this year, the court also ruled in favor of Ripple after the SEC requested $2 billion in fines and penalties, ultimately setting the amount at $125 million.

While Ripple CEO Brad Garlinghouse hailed this as a significant victory, many experts now believe the SEC may appeal the court’s decision. However, Alderoty remains confident that the court’s verdict will likely be even if the regulator does appeal the same.

These developments surrounding XRP and Ripple’s legal battles with the SEC will have far-reaching implications for the cryptocurrency industry as a whole.

Furthermore, the author’s views are for reference only and shall not constitute investment advice. Before purchasing, please ensure you fully understand and assess the products and associated risks.