Renowned blockchain sleuth Whale Alert has spotted two large XRP transfers made by anonymous wallets to major cryptocurrency trading platforms over the past 24 hours.
Millions worth of XRP in U.S. dollars have been transferred. This coincided with a major bullish price move undergone by the Ripple-affiliated cryptocurrency.
Over 63 million XRP unloaded on exchanges
According to data shared by the aforementioned source, an anonymous whale made two consecutive crypto transactions as he transferred first 32,461,000 and then 30,961,000 XRP. The transactions were made consecutively approximately 15 hours ago to the Bitso and Bitstamp exchanges.
Bitstamp is based in the U.S., European Union and several other locations, while Bitso is the largest cryptocurrency exchange in Latin America, with its headquarters in Mexico.
🚨 32,461,000 #XRP (14,513,381 USD) transferred from unknown wallet to #Bitsohttps://t.co/L1NkprsF1V
— Whale Alert (@whale_alert) July 11, 2024
While the transactions could be leading X users to think that these tens of millions of XRP were unloaded by an anonymous whale, Bithomp XRP explorer shows that the source of the these funds is actually San Francisco-based crypto giant Ripple Labs.
Bitstamp and Bitso are among those platforms that collaborate with Ripple, helping it to power its international payments service, which was was previously known as On-Demand Liquidity (ODL).
XRP’s bullish market performance
Over the past 24 hours, the top 10 list member XRP has seen a price increase, adding almost 6%. However, after a tiny rebound, the coin is changing hands at $0.47028 on the Bitstamp exchange.
Thus, XRP has staged a 15.51% recovery since Monday this week and managed to recover the price level it lost on July 3 last week.
Now that the Ripple CEO, with his team and the whole XRP community, are breathtakingly awaiting the end of the long-running lawsuit started by the SEC against Ripple in 2020, traders are keeping their eyes on the XRP chart, wondering if XRP will perform a major price leap.
In an interview this year, the Ripple boss Brad Garlinghouse shared that he believes the settlement of the case is likely to come at the end of the summer, but he jokingly called it “September.”
The case has been going on for several years now and has cost Ripple millions of U.S. dollars in terms of legal expenses. Besides, once the case began, many exchanges delisted XRP and have recently begun to reverse their stance on this.