A recent substantial purchase of Ripple’s XRP (XRP) token has been detected by the crypto tracking platform Whale Alert.
Whale Alert reported a transfer of 66,666,659 XRP, worth approximately $33,065,809, from Binance to an undisclosed wallet. The move has sparked speculation about its potential price impact.
In the XRP ecosystem, there have been recent transfers of substantial amounts of XRP into secure escrow accounts by Ripple. Notably, 300,000,000 XRP, worth roughly $146,927,854, and an additional 500,000,000 XRP, worth roughly $244,748,526, have been placed in escrow.
66,666,659 #XRP (33,065,809 USD) transferred from #Binance to unknown wallethttps://t.co/OwwbvEdBNs
— Whale Alert (@whale_alert) September 2, 2023
The moves come amid the ongoing legal battle between Ripple and the United States Securities and Exchange Commission (SEC). Ripple’s legal representatives have recently issued a response to the SEC concerning its appeal against Judge Analisa Torres’ July ruling that XRP is not a security when sold to the general public.
The SEC’s appeal primarily revolves around its discontent with a prior ruling that determined XRP isn’t classified as a security for retail investors. Ripple’s legal team argued that the prerequisites for an interlocutory appeal were not met and urged the judge to either dismiss the appeal or impose a stay.
Related: SEC vs. Ripple: Pro-XRP lawyer urges Clayton, Hinman testimony
Evaluating the combined influence of these occurrences on the token’s value, the cryptocurrency has experienced notable increases in practical use in the last month. This upswing in utility aligns with a seven-month high in on-chain transactions and a three-month peak in circulation. These metrics indicate a rising level of engagement and activity within the XRP ecosystem, potentially stimulating increased demand.
Investors are closely observing the interactions between legal proceedings, substantial transfers and market forces as the XRP market navigates these developments. While the road to $1 for the token remains uncertain, these events persist in molding the cryptocurrency’s path within the ever-changing landscape of digital assets.
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