- Whale Alert detected massive XRP transfers, sparking speculation amid Ripple’s ongoing legal battle with the SEC.
- Ripple burned 185 RLUSD tokens during a private beta test, leaving none in circulation on the XRP Ledger.
The crypto market saw strong whale activity as Whale Alert detected huge XRP transactions, generating concerns among the XRP community.
According to the alert, two significant transfers occurred: 27.6 million XRP, worth roughly $15.5 million, was moved from an unknown wallet to Bitso, and another 26.74 million XRP, worth approximately $15.12 million, was transferred from an unknown wallet to Bitstamp. These transfers involved a total of 54.34 million XRP tokens, worth more than $30.6 million.
26,740,000 #XRP (15,120,498 USD) transferred from unknown wallet to #Bitstamphttps://t.co/8EZUdlalD9
— Whale Alert (@whale_alert) August 29, 2024
Whale Moves Fuel Ripple Settlement Speculation
This significant XRP movement coincides with increased speculation regarding Ripple’s continuing legal case with the US Securities and Exchange Commission (SEC). Investors and analysts are eagerly watching these events, especially as Ripple’s $125 million settlement with the SEC approaches.
The large-scale transfer of the tokens to exchanges has generated concerns that whales are preparing for heightened volatility, or perhaps a sell-off, in anticipation of the settlement’s completion.
On the other hand, a CNF report highlighted observations by a market expert who indicated that Ripple’s technology integration by banks has been in “test mode” for a lengthy period of time. This protracted testing phase is thought to have contributed to the overall bearish trend in the XRP market.
The analyst suggested that full integration by systemically important banks might push XRP prices above multi-year resistance levels, which has sparked widespread attention and speculation in the community.
Meanwhile, as we previously reported, Ripple’s recent moves with its stablecoin, RLUSD, have been a source of debate. As part of the private beta test, the business destroyed 185 RLUSD tokens, thereby removing them from circulation.
The burn resulted in no RLUSD coins in circulation, demonstrating Ripple’s commitment to keeping control over the stablecoin’s supply throughout this testing phase. Furthermore, the XRP Ledger’s $1 trillion trust line for RLUSD demonstrates both scalability and user confidence in the network.
As of writing, XRP is currently trading around $0.5677, up 0.86% over the last 24 hours, and its market cap is about $31,93 billion.
