Ripple and Unidentified Wallets Transfer Almost One Billion XRP Amid High Investor Interest

Ripple and Unidentified Wallets Transfer Almost One Billion XRP Amid High Investor Interest

Crypto tracking platform Whale Alert has detected several substantial XRP transactions, totaling nearly one billion XRP tokens, indicating sustained investor interest in the cryptocurrency. San Francisco-based blockchain company Ripple was involved in these transactions, following its release of one billion XRP from escrow on August 1.

Whale Alert reported four significant XRP transfers, with the two largest involving 424,354,912 XRP and 424,604,934 XRP, valued at $214,293,666 and $221,841,994 at the time of the transfers. These transfers occurred between unidentified wallets, without any association with known cryptocurrency exchanges.

Ripple also conducted a transfer of 75,000,000 XRP to an anonymous cryptocurrency wallet. While initially anonymous, this wallet was later revealed to belong to Ripple. Typically, such transfers to internal wallets precede cryptocurrency sales on exchanges.

On August 1, Ripple released one billion XRP from escrow in several transactions. About 13 hours prior to this, the company returned 800,000,000 XRP to escrow, where they will remain until the next scheduled release in October.

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Ripple achieved a significant legal victory against the U.S. Securities and Exchange Commission (SEC) in August when a court judge ruled that XRP sales on the secondary market were not classified as security sales, whereas Ripple’s sales of XRP to financial institutions were. Following this ruling, several major exchanges relisted XRP, resulting in a price surge. Investors have since shown renewed interest in XRP, anticipating further price increases. However, the SEC has filed an appeal, and Ripple recently submitted an opposition to the SEC’s appeal request.

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