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According to a post by Whale Alert, large amounts of XRP tokens have recently been purchased. Specifically, an undisclosed wallet on Binance received a transfer of 66,666,659 XRP worth $33,065,809. This move took place amidst Ripple‘s ongoing legal battle with the U.S. Securities and Exchange Commission, which has increased speculation and investor speculation about the potential impact on XRP’s price.
Caused Various Speculations
Whale Alert, a cryptocurrency asset tracking platform, has discovered that significant amounts of XRP tokens have been purchased recently. Whale Alert reported that 66,666,659 XRP, worth approximately $33,065,809, was transferred from Binance to an undisclosed wallet. This move has sparked speculation about potential price effects.
Ripple has recently made significant transfers of XRP to secure accounts in the XRP ecosystem. In particular, approximately 300,000,000 XRP, worth about $146,927,854, and an additional 500,000,000 XRP, worth approximately $244,748,526, were transferred to secure wallets.
Increase in XRP Activities Amidst Legal Proceedings
These moves came amidst the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission. Ripple’s legal team recently issued a response to its appeal against Judge Analisa Torres’ ruling in July that XRP was not a security when sold to the public. Ripple’s legal team argued that the necessary prerequisites for an appeal were not met and requested that the court reject or postpone the appeal.
XRP has experienced significant increases in usage, reaching the highest level in seven months for on-chain transactions and a three-month high in circulation. These metrics indicate increased participation and activity in the XRP ecosystem, potentially boosting demand. While the path to XRP’s $1 price target remains uncertain, events related to the XRP ecosystem continue to influence the token’s price and investor speculation.
