This XRP Whale Accumulates Over 28 Million Tokens Amid Ripple and SEC Lawsuit

Amid the ongoing legal battle between the SEC and blockchain giant Ripple, an XRP whale has made a significant transaction, moving more than 28 million tokens from a blockchain wallet to a centralized exchange. As the lawsuit continues to heat up, the Securities and Exchange Commission is expected to deliver its reply brief later today, May 6. This major transaction has caught the attention of investors who eagerly await the outcome of the lawsuit and hoping for a potential boost in the price of XRP.

XRP Whale Triggers Discussions With 28 Million Token Transfer

In a recent development that stirred conversations across the crypto community, a smart whale has transferred a substantial amount of XRP tokens within the last 24 hours. According to data from WhaleAlert, an on-chain large transaction tracker, the whale moved exactly 28,240,000 XRP tokens from a wallet labeled ‘unknown’ to the Bitstamp exchange.

🚨 28,240,000 #XRP (14,948,393 USD) transferred from unknown wallet to #Bitstamphttps://t.co/i2ylQpwXGx

— Whale Alert (@whale_alert) May 5, 2024

Upon further investigation, the ID of the sending wallet was identified as “r4wf7…h4Rzn.” This transaction is exciting because it comes on the heels of the SEC reply’s brief deadline today. Per the WhaleAlert data, the transfer was worth $14,948,393 at initiation. 

The series of staggering XRP transfers to the Bitstamp exchange has been a topic of discussion over the past months. Sizeable amounts of XRP tokens have been spotted moving in and out of the exchange further raising speculations about the reasons behind the actions. As previously reported by Coinfomania, two separate transactions carrying huge amounts of XRP, up to the tune of 60 million, were spotted moving from unidentified wallets to the same Bitstamp exchange on May 3. This action created a rebound in the price of the token, making it spike by 1.1% at the time.

Amidst the continuing legal uncertainty, some observers view the move as a purposeful selloff, suggesting a lack of confidence in XRP’s future. However, others surmise that it could be in line with Ripple’s larger liquidity management plan.

XRP Price Performance Ahead of SEC’s Reply

Meanwhile, the price of XRP has exhibited impressive movements over the last 24 hours. According to data from CoinMarketCap, XRP is currently changing hands at $0.542. As investors hopefully expect a price surge to the $0.6 zone, the trading activities surrounding the token have grown significantly within the recorded time.

Per CMC data, the 24-hour trading volume of XRP has jumped by 12.50% to $738.2 million making it the 13th largest traded token over the last day. Additionally, XRP maintains the #7 spot on the global crypto market chart with a live market cap of $29.9 billion.

Ultimately, the SEC is under pressure to submit the rebuttal brief by May 6 and the redacted version by May 8. The legal back and forth between the two parties has intensified as a result of Ripple’s previous move to strike expert testimony from the SEC’s remedy-related opening brief.