Ripple’s XRP is once again making news in the constantly changing world of cryptocurrencies. The cryptocurrency surveillance service Whale Alert has discovered a sizable movement of 66,666,659 XRP tokens, worth roughly $33 million, from Binance to an unnamed wallet. Speculations concerning this strange action’s potential impact on the price trend of XRP have erupted.
Meanwhile, Ripple, the company behind XRP, has been busy securing its assets. They’ve placed a whopping 300,000,000 XRP, worth nearly $147 million, and an additional 500,000,000 XRP, valued at around $245 million, into secure escrow accounts. These actions come amidst the backdrop of an ongoing legal tussle between Ripple and the United States Securities and Exchange Commission (SEC).
Whales have been accumulating XRP for a since this year began. In July, Todayq news reported that 1.1 billion XRP tokens have been accumulated by whales since February.
Ripple’s legal team recently issued a response to the SEC’s appeal against Judge Analisa Torres’ July ruling, which deemed XRP not to be a security when sold to the general public. In their response, Ripple’s representatives argued that the prerequisites for an interlocutory appeal weren’t met and called on the court to either dismiss the appeal or impose a stay.
Intriguingly, XRP has been witnessing a surge in usage lately. On-chain transactions have reached a seven-month high, and circulation has hit a three-month peak. These metrics paint a picture of growing engagement and activity within the XRP ecosystem, potentially fueling heightened demand. At a point, XRP was the largest altcoin by market capitalization after its recent court victory. Soon, it gave up all its post SEC-lawsuit victory gains, succumbing to market pressures.
The question on every XRP investor’s mind is whether the elusive $1 price point is within reach. The road ahead remains uncertain, but one thing is clear: events within the XRP ecosystem continue to exert their influence on the token’s price and investor sentiment.
Additionally, the identity and intentions of the mysterious whale behind the recent transfer could hold clues to XRP’s future trajectory. Investors and enthusiasts alike are bracing themselves for what lies ahead in the ever-turbulent world of cryptocurrencies.
Ripple is currently foraying into a number of projects from creating an all-in-one platform for CBDCs to exploring tokenization for real estate. Although, it has been facing some trouble from US lawmakers for its CBDC endeavors, the company is firm on its stand.