Swimming with Crypto Whales: Massive 360M XRP Token Transfer in 24 Hours
Whale Alert, an AI service that follows the enormous movement of money across blockchains, has documented several transfers of the Ripple utility token, XRP, into and out of unknown wallets in the previous 24 hours.
Unidentified Recipient’s XRP Haul
The most significant single transfer was 100 million XRP tokens from a Ripple wallet to an unidentified recipient. According to Whale Alert statistics, the total number of XRP tokens exchanged was 360 million, valued at over $136 million.
According to the market monitoring tool CoinMarketCap, XRP’s 24-hour volume increased by 18% after crypto traders purchased and sold $1.1 billion of the currency. Several cryptocurrency specialists believe the increasing interest in Ripple’s token relates to a recent verdict on the blockchain’s case with the US Securities and Exchange Commission.
Ripple-SEC Case: Supporters Intervene
The US court decided on both sides’ applications on March 6, approving some and refusing others, with neither the petitioner nor the defendants gaining an advantage. Crypto lawyer John Deaton, on the other hand, recently revealed that over 12,000 XRP holders had joined the request to intervene in the current case between the Ripple blockchain and the US Securities and Exchange Commission (SEC).
Although 12,600 XRP holders joined the court request to intervene, the number of willing defendants in the Ripple lawsuit has already swelled to nearly 75,000, according to Deaton.
The crypto lawyer provided the data in response to a tweet from a crypto fan, Richard Heart, who urged the crypto community to support Ripple in its legal struggle to prevent creating a terrible precedent.
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