Cryptocurrency whales are still showing enormous interest in XRP.
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.
? ? ? ? ? ? 179,500,000 #XRP (63,135,788 USD) transferred from unknown wallet to unknown wallethttps://t.co/lM6OjsteBn
— Whale Alert (@whale_alert) December 18, 2022
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
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.
? ? 62,300,000 #XRP (21,734,574 USD) transferred from #Bitso to unknown wallethttps://t.co/ReL3ELqsB4
— Whale Alert (@whale_alert) December 18, 2022
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.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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