Two substantial XRP transactions, involving over 77,019,515 tokens worth $39.8 million, were conducted today, Monday, June 3, 2024, by an anonymous wallet, as reported by the on-chain blockchain analytics platform Whale Alert today.
According to the analytics platform, the first transaction occurred from the Binance exchange to an unknown wallet and involved 50,756,791 XRP tokens worth $26,209,98. Shortly thereafter, another 26,262,724 XRP coins, worth $13,592,844, were also transferred via the same route as the first.
Notably, whale movements like these, involving massive transactions from individuals or entities holding significant crypto assets, can signal changes in market conditions. In this case, the XRP transaction from Binance to an anonymous wallet could potentially indicate a shift in investor sentiment or a change in market direction.
XRP has had a stormy journey since 2020, when the United States Securities and Exchange Commission (SEC) filed a case against Ripple Labs, its creator and developer. The financial watchdog accused Ripple Labs of raising more than $1.3 billion in 2013 via the sale of XRP in an unlicensed and unregistered securities offering to both institutional and retail investors.
But in July 2023, US Judge Analisa Torres ruled that XRP is not considered a security when sold on crypto exchanges and directly to individual investors. However, the ruling stated that it was a security when sold to institutional investors. The lawsuit remains unresolved, with a final judgment yet to be delivered. The court is expected to announce a date for it soon.
RELATED: U.S. SEC Files Final Reply in Ongoing Ripple Lawsuit
Notably, in May 2024, the XRP token declined to a three-year low against Bitcoin, spurring investors’ reactions about a possible turnaround and bullish opportunity.
According to data from CoinMarketCap, XRP is currently worth $0.5214, a 0.88% increase from its trading price 24 hours ago.
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