XRP Whale Transfers 136 Million Ripple Coins in Three Hours, What Happened?

A prominent blockchain tracker, Whale Alert, has observed the transfer of nearly 136 million XRP coins within just three hours. These substantial transactions were executed in four large movements, with the majority of funds being withdrawn from Binance to unidentified wallets.

The movements occurred while XRP, the seventh largest cryptocurrency, saw a price drop of over 7% during the weekend but has since rebounded by 3.52%. Over the past week, XRP has surged by 26%.

Mysterious Whales

Whale Alert's data indicates that anonymous entities, often referred to as "whales," conducted three significant transfers from Binance. These transactions involved 33,839,894 XRP, 35,937,321 XRP, and 35,937,321 XRP, each valued at around $20 million. In total, these whales have withdrawn approximately $110 million worth of XRP.

Simultaneously, another transfer of 28,070,000 XRP, valued at nearly $15 million, was made to the cryptocurrency exchange Bitstamp. This increase in whale activity correlates with the recent surge in XRP's price.

Ripple CEO Reflects on Legal Milestone

Ripple's CEO, Brad Garlinghouse, marked the anniversary of a significant legal victory on his social media. On July 13, 2023, a federal judge ruled that XRP is not a security in secondary market sales. Garlinghouse celebrated this milestone as a crucial moment for Ripple and the broader cryptocurrency community.

As of now, XRP is trading at $0.53192, having experienced fluctuations around this price point.

Despite the impressive movement of XRP and positive legal milestones, the transparency and intentions behind such large transfers remain unclear, potentially raising concerns about market stability and manipulation.