Whale interest in XRP surges as the Ripple v. SEC lawsuit gets fully briefed.
Whale Alert, a leading cryptocurrency whale tracking service, has continued to share updates on large XRP transactions on and off crypto exchanges. In a series of tweets, Whale Alert data show that deep-pocketed crypto investors shuffled an astounding amount of 356,794,839 XRP. At press time, the funds were worth $138.8 million.
An Unknown Whale Move $102M Worth of XRP
The most significant transaction took place around 15 hours ago. According to data from the leading cryptocurrency tracking service, an anonymous whale transferred a whopping 261,094,839 (261.09 million) XRP worth $102.4M.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 261,094,839 #XRP (102,414,350 USD) transferred from unknown wallet to unknown wallethttps://t.co/d9zPVrOLYj
— Whale Alert (@whale_alert) January 19, 2023
It bears mentioning that an unknown whale created the recipient address yesterday. The rationale behind the large XRP movement is unknown at the time of writing. However, data from Bithomp shows that the funds are still intact in the recipient address, thus suggesting that the transaction could be for investment purposes.
Whales Shuffle 95.7M XRP
Aside from the above transaction, cryptocurrency whales also shuffled large amounts of XRP in the past 24 hours. Around seven hours ago, an anonymous whale moved 28M XRP worth $10.94 million to Bitso.
🚨 28,000,000 #XRP (10,947,620 USD) transferred from unknown wallet to #Bitsohttps://t.co/zZ5fCVsvdH
— Whale Alert (@whale_alert) January 20, 2023
A few minutes later, the same anonymous whale also transferred another lump sum of 33M XRP tokens ($12.94M) to a Bitstamp address.
Whale Alert also shared details of a 34.7M XRP transaction shuffled between two whales on the Bitso cryptocurrency exchange. According to Whale Alert, the fund was worth $13.61 million at the time of the transaction.
Whales’ Interest in XRP Spikes Ahead of Ripple v. SEC Ruling
The transactions indicate a growing interest in XRP among cryptocurrency investors. With the Ripple v. SEC lawsuit approaching its end, interest in the sixth-largest cryptocurrency has been revived.
Many people, including Ripple CEO Brad Garlinhouse, expect the lawsuit to be resolved in the first half of 2023. As reported, the lawsuit is fully briefed before Judge Analisa Torres.
Notably, Ripple and the SEC are asking Judge Torres to rule in their favor. If she grants a ruling in Ripple’s favor, the price of XRP will spike tremendously. However, a win for the SEC could plunge the crypto asset’s price by a large margin. Regardless, whales seem unbothered as they continue to move hundreds of millions of XRP daily.