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HomeCrypto NewsMarketWhales Shuffle 412M XRP In Absence of Settlement in Ripple vs. SEC Lawsuit

Whales Shuffle 412M XRP In Absence of Settlement in Ripple vs. SEC Lawsuit

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Cryptocurrency whales are still showing enormous interest in XRP.

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Cryptocurrency whale tracking service Whale Alert continues to share updates about large XRP movements made by high net-worth investors. According to Whale Alert, these deep-pocketed crypto investors shuffled a whopping 412,663,155 (412.66M) XRP in the past 24 hours. At the current exchange rate of $0.344, the value of XRP moved by whales was worth $142.18M.

Anonymous Whales Shuffle 179.5M XRP

The most significant XRP transfer occurred in the past day and saw an anonymous whale transfer an astounding 179.5M XRP ($63.13M) to an unknown wallet.

The transaction took place yesterday at exactly 19:54 (UTC). Per Bithomp data, the recipient further disbursed the tokens via different transactions to multiple addresses. Out of the 179.5M, the recipient moved 40M XRP each to Ripple’s On-Demand Liquidity partners – Bitstamp and Bitso.

The first 40M XRP coins were moved to the Latin American cryptocurrency exchange Bitso 10 hours ago, while the second 40M XRP coins ($13.92M) were moved to Bitstamp a few minutes later. At press time, the recipient’s address of the 179.5M XRP now holds 251 XRP.

Other Large XRP Transfer

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Whale Alert also shared details of other large XRP transfers aside from the 179.5M XRP moved earlier by two unknown whales. Precisely 21 hours ago, an unknown crypto trader deposited 43,974,225 (43.97M) XRP worth $15.49M to an address on San Francisco-based exchange Coinbase.

A few minutes later, another unknown wallet also transferred 46,888,930 (46.88M) XRP valued at around $16.52M to the same Coinbase address.

Whale Alert also observed the movement of a hefty amount f XRP in the early hours of today. According to the leading cryptocurrency tracking service, an anonymous whale withdrew 62.3M XRP worth $21.73M from a Bitso address.

Whales Still Interested in XRP Despite No Settlement

The hefty amounts of XRP moved by crypto whales suggest that high-net-worth investors are still interested in the asset despite the ongoing Ripple vs. SEC lawsuit.

While the December 15 settlement between Ripple and the SEC did not occur as rumored by Cardano founder Charles Hoskinson, XRP whales are still optimistic that Judge Analisa Torres will rule in favor of Ripple.

XRP whales are confident of a Ripple win given the several legal analyses pointing towards the blockchain company’s win. Crypto Law founder attorney John Deaton is among the legal experts who believe the lawsuit’s outcome will be in Ripple and XRP holders’ favor. Attorney Deaton noted last month that Ripple has a better chance of winning the ongoing lawsuit following the SEC’s victory against peer-to-peer content distribution network LBRY.

According to Deaton, Ripple’s defense team challenged the second prong of the Howey Test (common enterprise).

“In the Ripple XRP case, the common enterprise is challenged. In fact, the SEC incoherently argued about the common enterprise,” Deaton said.

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Author

Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

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