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HomeCrypto NewsMarketWhales Move Above 600M XRP in Two Days Anticipating Lawsuit Outcome in Ripple Favor

Whales Move Above 600M XRP in Two Days Anticipating Lawsuit Outcome in Ripple Favor

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Cryptocurrency whales have shown significant interest in XRP as the ongoing lawsuit between Ripple and the SEC edges closer to an end.

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According to Whale Alert, an anonymous deep-pocketed investor transferred a whopping 254,594,800 (254.59 million) XRP tokens worth $107.78 million to the address of another unknown user.

Data from XRP-focused service Bithomp show that the transaction occurred yesterday at noon. At press time, the funds are still intact in the receiver’s wallet, thus suggesting that the rationale behind the transaction could be for investment purposes. 

Whales Shuffle Another 65.2M XRP

Aside from the abovementioned transaction, Whale Alert also shared details of other large XRP transfers that took place in the past 24 hours. Around 16 hours ago, an anonymous whale moved 35 million units of Ripple-affiliated tokens to the EU-based cryptocurrency exchange Bitstamp. Notably, the transaction was worth $14.97 million at the time Whale Alert reported it on Twitter.

An hour later, Whale Alert also observed another large movement of XRP tokens. This time, an anonymous whale withdrew 30.2 million XRP tokens ($12.86 million) from the Latin American-based cryptocurrency exchange Bitso.

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Growing Interest in XRP Among Whales

The transactions come following a growing interest in XRP among deep-pocketed cryptocurrency investors. In the past two days, cryptocurrency whales have transferred over 600 million XRP tokens from their addresses on exchanges and cold wallets.  TheCryptoBasic reported yesterday that some high-net-worth investors moved 336 million XRP tokens. Meanwhile, XRP is trading around $0.421, down 0.4% in the past 24 hours.

Whales Optimistic of an XRP Rally if Ripple Wins Lawsuit

Despite the stagnant price of XRP, cryptocurrency whales are optimistic that the coin will surpass its all-time high of $3.4 if Judge Analisa Torres rules in favor of Ripple in the ongoing lawsuit.

Ripple CEO Brad Garlinghouse disclosed to CNBC at the World Economic Forum 2023 in Switzerland that he feels confident about the outcome of the lawsuit based on the company’s position in the lawsuit. He added that he expects Judge Torres to rule on the case in the first half of 2023.

The comments made by Garlinghouse have continued to fuel whales’ appetite for XRP, leading to hundreds of millions of crypto assets being shuffled almost daily.

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Author

Lele Jima
Lele Jima
Lele Jima is a cryptocurrency enthusiast and journalist who is focused on educating people about how the nascent asset class is transforming the world. Aside from cryptocurrency-related activities, Jima is a lover of sports and music.

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