XRP Price Rebounds as Whale Transfers Over 60 Million Tokens to Centralized Exchanges

An XRP whale has made some substantial transfers that have caught the attention of the crypto community. The whale moved more than 60 million XRP tokens to popular cryptocurrency exchanges in the last 24 hours. This is particularly interesting because the transfer coincides with the price reversal trend of the token and the ongoing update in the Ripple vs SEC case. Following this, conversations have erupted among participants, speculating about the reason behind the action.

More Than 60 Million XRP Tokens Moved to CEXs

According to a recent update from WhaleAlert, an XRP whale made two separate transactions shifting at least 25,000 tokens. Per the update, the first transaction which happened about 12 hours ago from the time of writing, carried exactly 31,870,000 XRP (valued at $16.65 million) from a wallet labeled ‘unknown’ to the Mexico-based Bitso exchange.

Shortly after, the same whale transferred 28,850,000 XRP (worth $15 million) from the same unidentified wallet to the Bitstamp exchange. It is important to note that the same whale has made notable XRP transfers to the same exchanges earlier in recent days.

🚨 28,850,000 #XRP (15,098,570 USD) transferred from unknown wallet to #Bitstamphttps://t.co/T12kXuBjZr

— Whale Alert (@whale_alert) May 2, 2024

Meanwhile, about 24 hours ago from press time, some significant XRP transfers were also made to the Binance exchange. According to the aforementioned tracker, an anonymous wallet shifted about 42 million tokens, valued at over $20 million to the popular exchange. Before that, about 21.5 million XRP tokens (worth $10.9 million) were sent from the Binane exchange to an unidentified wallet.

🚨 21,573,761 #XRP (10,952,031 USD) transferred from #Binance to unknown wallethttps://t.co/qIA0fKAxH2

— Whale Alert (@whale_alert) May 2, 2024

This series of transfers has raised thoughts about the possible intent of the action. While some see it as a calculated selloff, others think it would fit in with Ripple’s liquidity management plan notably because Ripple frequently uses XRP transfers for cross-border payments. The complicated relationship between Bitstamp and Ripple further complicates the interpretation.

XRP Price Movement

In a recent development, Ripple has added another layer to the ongoing lawsuit with the Securities and Exchange Commission. The blockchain giant has supported its previous motion filed on April 22, 2024, by submitting a detailed letter. By doing this, Ripple intends to contest the SEC’s expert testimony’s admissibility, concentrating on Andrea Fox’s Declaration, which it claims deviates from elementary mathematics.

Meanwhile, the price of the token has exhibited resilience over the last day. According to fresh data from CoinMarketCap, XRP is currently changing hands at $0.519, representing a 1.1% increase in the last 24 hours. Additionally, its trading volume has dropped significantly by 34% to $1.02 billion within the recorded time. Consequently, XRP now has a market cap of $28.6 billion, making it the 7th-largest cryptocurrency in the market.