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XRP Whale Makes Humongous Transfer To Unknown Wallet; What It Means?

An anonymous XRP whale made a humongous token transfer of 425 million XRP tokens to an unknown wallet; What does it mean?

Published by

Anvesh Reddy

Updated 26 Aug, 2023 | 03:55:05 PM UTC

XRP Whale Makes Humongous Transfer To Unknown Wallet; What It Means?

An anonymous XRP whale made a humongous token transfer just around the time the crypto market was at its lowest range. This effectively means that the whale was eyeing to buy the dip around the time when US Federal Reserve Chair Jerome Powell speech was scheduled at the Jackson Hole conference.

Also Read: Whales Moving ETH Holdings To Exchanges, Is Crash Below $1500 Imminent?

XRP Whale Transfer: What It Means

On August 25, 2023, an anonymous whale made a transfer of 425 million XRP tokens to an unknown wallet. This could mean that the whale is confident that the token had hit the local bottom, with room for price upside. In the backdrop of the historic Summary Judgment in the U.S. Securities and Exchange Commission (SEC) lawsuit, the XRP price took an impressive spike before dropping back to the previous levels over news of headwinds to the Judgment. Earlier, Whale Alert reported,

“425,868,525 $XRP ($220,143,198) transferred from Bitvavo to unknown wallet.”

Starting from July 29, 2023, the whale made multiple transfers, including those with token transfers in millions. Interestingly, the most recent transfer is by far the largest move made, as per Bithomp data. Meanwhile, it remains to be seen if the buoyancy due to the Summary Judgment relief will sustain in the weeks to come.

XRP Price: What’s Ahead

Recently, Ripple CEO Brad Garlinghouse and executive chairman Chris Larsen informed the Court that they would be available for trial in the second quarter of 2024. However, the Summary Judgment stands ground until and unless it is reversed based on thorough legal vetting, which could at the very best could be sometime in 2025. Hence, traders may expect the XRP price to have positive momentum in the next few quarters.

On the other side, the US SEC has informed the dates of availability for the trial in the second quarter of 2024. The Commission is available for trial during the months April, May and June 2024, it said in a recent filing.

Also Read: Crypto Assets, Services, And NFTs Excluded From EU MiCA Regulations

Anvesh Reddy

Anvesh reports major crypto updates around U.S. regulation and market moving trends. Published over 1400 articles so far on crypto and blockchain. A proud dropout of University of Massachusetts, Lowell. Can be reached at anvesh@coingape.com or x.com/BitcoinReddy or linkedin.com/in/anveshreddybtc/

Published by

Anvesh Reddy

Updated 26 Aug, 2023 | 03:55:05 PM

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