The post Ripple Transfers 31 Million XRP in Wake of Grayscale’s SEC Legal Battle Victory appeared first on Coinpedia Fintech News
Ripple, a major player in the cryptocurrency industry, has made headlines with its recent activity surrounding XRP. According to a report by Whale Alert, Ripple transferred 31 million XRP tokens, which are valued at approximately $16.5 million.
These developments have coincided with Grayscale’s recent legal triumph over the U.S. Securities and Exchange Commission (SEC).
Ripple’s XRP Shakeup, with 31 Million Coins on the Move
Recently, there has been a significant transfer of XRP tokens from Ripple to an undisclosed wallet. This transaction involved approximately 31 million coins valued at around $16.5 million.
Given the recent legal developments involving Grayscale and the U.S. Securities and Exchange Commission (SEC), this transfer has caught the attention of many observers.
Though the exact destination is unknown, an enthusiast in the XRP community speculated that the transfer was likely directed to another wallet controlled by Ripple. The mysterious wallet’s history indicates a pattern of receiving substantial amounts of XRP monthly.
Big XRP Move to a Bitstamp Exchange
Simultaneously, another substantial XRP movement has been detected as an undisclosed wallet transfers a substantial amount of 27.6 million XRP, equivalent to approximately $14.86 million, to the Bitstamp cryptocurrency exchange. This move marks the third substantial XRP transfer to Bitstamp within three days, totaling 85.2 million XRP between August 27 and 29.
These considerable fluctuations in XRP movements have intrigued the curiosity of the cryptocurrency community, raising questions about potential market repercussions.
In the last 24 hours, XRP experienced a moderate growth of 3.8%, bringing its price to $0.5320. Moreover, its trading volume witnessed a significant surge of 104.16%, reaching $1.56 billion within the same period.
Ripple’s Legal Chief Criticizes SEC After Grayscale Victory
Grayscale’s recent victory over the SEC does not directly relate to the surge in XRP’s price. However, it contributes to the broader narrative of regulatory shifts within the cryptocurrency realm.
Stuart Alderoty, the Chief Legal Officer of Ripple, embraced an opportunity to underscore the ongoing challenges faced by the SEC in court.
He commented, “The SEC has been encountering legal setbacks. In our particular case, it has been proven to be incorrect and hypocritical, criticized for not upholding the law faithfully, penalized for misconduct during the discovery process, and now another reputable court has deemed its actions as ‘arbitrary and capricious’ – an important development.”
Despite a slight decline in XRP’s price, market analysts believe that recent drops may find support due to oversold conditions and the resilient nature of its support level.
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