101.2 Million XRP in 24 Hours — What's Happening?
u.today 08 August 2024 11:47, UTC Cryptocurrency tracker Whale Alert, which monitors large crypto transactions and shares their details on its website and on the X platform, has detected three major transfers, which moved a massive amount of XRP each.
The transferring of almost $60 million worth of XRP took place after San Francisco-based Ripple blockchain juggernaut announced its final victory over the U.S. Securities and Exchange Commission in court. This development has got XRP whales to show more activity as they purchased millions of coins on top cryptocurrency exchanges.
101 million XRP change hands
Whale Alert mentioned above spreads the word about whales shoveling three massive XRP chunks. The data source shared details of the three transactions, which carried 60,000,000, 23,373,078 and 17,922,146 XRP.
23,373,078 #XRP (12,101,882 USD) transferred from #Binance to unknown wallethttps://t.co/JP5PRXYQFs
— Whale Alert (@whale_alert) August 7, 2024
A total of 101.2 million XRP coins has been transferred. The largest XRP chunk was withdrawn from Upbit and 23,373,078 XRP were moved from the largest crypto trading platform Binance. Both withdrawals were sent to unknown digital wallets. The smallest crypto amount of 17,922,146 XRP was transferred to Binance.
60,000,000 #XRP (36,843,829 USD) transferred from #Upbit to unknown wallethttps://t.co/HpmBJdi3Ig
— Whale Alert (@whale_alert) August 8, 2024
Ripple boss celebrates victory over SEC, XRP soars 26%
On Aug. 7, Ripple’s Chief Executive Officer Brad Garlinghouse published a tweet, in which he commented on the final decision issued by the court. He framed this decision as a victory for Ripple Labs.
The victory was in managing to reduce the initial fine of $2 billion demanded by the Securities and Exchange Commission of fines and penalties. Ripple urged the court to reduce this gargantuan amount to just $10 million. The judge, however, found a golden medium, obliging Ripple to pay the SEC $125 million worth of civil penalties.
Garlinghouse stated that this is a major victory not only for Ripple but for the whole cryptocurrency space.
Reacting to this bullish event, XRP staged a mammoth 26% price surge in three large consecutive green candles on an hourly chart. The coin jumped from $0.50065 to $0.62911. After a minor correction, XRP is changing hands at $0.61718.
The crypto X community is also celebrating along with Ripple, stating that the SEC proclaimed XRP to be a non-security after four long years of the expensive lawsuit. Festive XRP posts are popping up on X here and there.
