A transaction on the XRPL network was noticed on August 11, 2024, of 104,156,526 XRP, having an approximate value of $59,019,563. The whale transaction was detected by Whale Alert at 15:04:10 UTC.
After this massive activity, the price of XRP dropped by 3% in the last day but remains 22% up in the week. This depicts a somewhat volatile but mostly bullish market sentiment.
This transaction is just one of the many whale transfers between several unidentified wallets. Furthermore, the sender’s wallet has been involved in transactions of up to 106.407 million XRP in the past. Many times, such activities alter the market trends because they result in speculative trading and price fluctuations.
Impact of Whale Transactions on XRP
Whale activities within the XRP ecosystem have held the ability to swing the market in one direction or another. For instance, on August the 5th 2024, a transfer of 2.8 million XRP was made between two new wallets. The transaction was followed by a much larger one in which 95,678,794 XRP, worth $50,622,428, was moved.
The larger transfer happened at a bear market and at the same time, XRP value dropped. This shows how much whales can affect the crypto market and investor interests.
Also, in May 2024, Santiment found out that XRP whales have been accumulating tokens, amassing 3.17B tokens. This accumulation corresponds to several other large-scale transactions that elevated the activity. In the following five weeks, major market participants bought another 540M XRP and infused more than $270M into the market.
Ripple’s Legal Developments with the SEC
In a related development, Ripple’s chief legal officer has also weighed in on the possibility of the US Securities and Exchange Commission (SEC) appealing the court ruling. The court’s ruling which saw a $125m civil penalty against Ripple was considered a partial win for the company.
Alderoty suggested, “If the SEC is a rational actor … and if this administration truly is serious about hitting the reset button on their war on crypto, there should be no appeal, and everyone should be moving on.”
Alderoty pointed out that the SEC has a 60-day window to decide if it will appeal. However, he indicated that he is fairly certain the matter will be considered closed after the ruling. He was happy with the judgement noting that the judgement was in agreement with Ripple’s stance that XRP should not be considered as security.
The Ripple CLO pointed out that this clarity was crucial for Ripple’s operations. He also expressed a positive perspective concerning the future of crypto regulations in the United States.
Future Outlook for Ripple and XRP
While Ripple is on the verge of moving on post-litigation phase, the attention is still on the expansion of XRP. With the legal certainty afforded by the ruling from the court, Ripple plans for the future of its business.
Despite the possibility of an SEC appeal which is still pending, Alderoty is hopeful. He gives the SEC’s acknowledgment of the court’s decision as a positive sign that there are no legal battles to expect.
This period is the perfect time for XRP and Ripple as they plan to benefit from the recent legal victories and increased investor interest.
