272 Million XRP in 24 Hours After SEC’s Appeal – What's Happening?

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Popular cryptocurrency tracker Whale Alert has traced several large XRP transactions over the last day, noticing massive XRP withdrawals from the world’s top crypto exchanges.

All-in-all, slightly more than a quarter of a billion XRP has been shoveled mysteriously from these crypto trading platforms by anonymous crypto whales.

Big XRP outflows hit top exchanges

The aforesaid data source spotted seven large XRP transactions that have taken place over last 24 hours on the XRP Ledger. Since the majority of them featured a large cryptocurrency exchange, this is indicative of XRP whales increasing their activity as they seem to be buying and selling XRP rigorously.

Large outflows were spotted as anonymous whales withdrew XRP from Binance and Indodax exchanges – 28,900,823 and 30,000,000 XRP worth $15,126,001 and $15,689,469. Such exchanges as Bitstamp, Bitso, and, again, Binance witnessed substantial deposited from anonymous market participants.

Image via X

19,220,000 XRP were sent to Bitstamp, 30,380,000 XRP went the Mexican crypto unicorn Bitso, and, finally, 30,000,000 XRP were moved to Binance.

One transaction on this list stands out, according to Whale Alert’s data, since it carried a staggering 104,384,848 XRP and was conducted between two unknown blockchain addresses. This XRP chunk is the equivalent to 5$4,662,653.

SEC appeals Ripple case

As reported by U.Today, earlier this week, the regulatory agency SEC finally decided to challenge the court’s recent decisions on the Ripple case and filed an appeal. The dead-line was October 7, so the Securities and Exchange Commission just made it during the last few days before it.

Last year, in July, federal judge Analisa Torres ruled that XRP sales in the secondary markets did not qualify as security sales. This year, Ripple scored another victory against the SEC when the judge reduced the $2 billion fine requested by the SEC from Ripple to $125 million.

Ripple chief executive Brad Garlinghouse has criticized the regulator for this move. Still, the XRP price felt the full negative impact of the appeal as it collapsed by more than 9% since Wednesday when the SEC appealed the lost case. After crashing from the $0.58 level on October 2, XRP is currently changing hands at $0.52. Overall, since Sunday, XRP has lost more than 20% of its market price.