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XRP, a cryptocurrency backed by Ripple Labs, is once again creating quite a buzz in the crypto realm as a whale transferred enormous amounts of XRP coins to a centralized exchange today, November 20.
The colossal transfer caught the eyes of cryptocurrency traders and investors alike as the same whale was observed transferring millions of XRP in a series of transactions over the past few days.
Concurrently, as of today, the XRP price also witnessed an upsurge. The notable shift in the price seems to come in alignment with the recent upper hand gained by Ripple Labs in the US SEC vs Ripple lawsuit, along with the Ripple community’s decision to offer aid to numerous projects leveraging the XRP Ledger (XRPL).
Whale Dumps XRP To Exchange
According to the data provided by Whale Alert, a blockchain tracking platform, an unknown wallet, r4wf7enWPx…5XgwHh4Rzn, recently transferred 25 million XRP to a centralized exchange, Bitstamp, headquartered in Luxembourg City, Europe.
The massive transfer of XRP caught the eyes of crypto traders globally as the dumping of tokens to centralized exchanges usually portrays a bearish sentiment due to the increase in the number of tokens in circulation.
However, the XRP price displayed market sentiments on the contrary, surging marginally as of today.
Also read: BTC Price Jumps As Argentina Elects Pro-Bitcoin Javier Milei As President
XRP Price Rallies Amid Ripple’s Advancements
As of writing, the XRP price has increased by 1.98% over the past twenty-four hours, reaching $0.62. However, the price witnessed a substantial decrease over the past seven days and was down by 5.39%, as per market charts.
Despite the constant price flux witnessed by XRP, following the advancements made by the Ripple community, the overall price over the month witnessed a significant 21.09% upswing.
The aforementioned price surge seems to come in alignment with the recent announcement of Ripple Lab’s list of awardees, where the firm plans to invest a whopping $1.3 million to jack up a total of 22 projects leveraging the XRPL. These projects emerge from thirteen different countries with groundbreaking innovations to revolutionize fintech and other industries on the XRPL.
Furthermore, Stuart Alderoty, XRP’s legal leader, recently took a dig at the US SEC and Gary Gensler, claiming that the SEC continues to face backlash throughout the crypto universe for its shady behavior. Moreover, Alderoty emphasized how the SEC had fallen foul of federal auditors and judges.
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