XRP Whales Move 324 Billion Tokens as Ripple Lawsuit Continues to Develop

XRP, Ripple Labs’ proprietary cryptocurrency, recently witnessed phenomenal whale activity as news of the SEC’s summons to Judge Torres surfaced.

The U.S. Securities and Exchange Commission (SEC) recently appealed to the court to delay ongoing deadlines for remedy briefings.

Meanwhile, data showed revealed by blockchain tracker Whale Alert, almost 300 million These massive XRP transfers from whales illustrated the movement of notable amounts of XRP back and forth from two cryptocurrency exchanges.

XRP whale trades: A deeper dive

According to Whale Alert data, 300 million XRP, worth $167.70 million, was collected yesterday, February 27, through Binance, the world’s largest cryptocurrency exchange. This transaction was carried out by the wallet address rPz2qA93Pe…ycJR1N4iNf, which attracted a lot of attention.

On the other hand, another transaction surfaced today, February 28, demonstrating the dump of 24.05 million XRP, worth $14.07 million, to Bitstamp. It was noted that a renowned XRP whale, …Rzn, executed this transaction. Intriguingly, this particular wallet has been noted to regularly dump XRP to cryptocurrency exchanges Bitstamp and Bitso. This comes after Ripple’s recent strategic share acquisition in the aforementioned exchanges.

Meanwhile, while the impact of the colossal whale accumulation occurred as mentioned above, the XRP price continued to maintain its upward trajectory. In contrast, the whale dump to Bitstamp does not appear to have had a significant impact on the price of the current number six cryptocurrency.

XRP price increases

At the time of writing, the XRP price was up 4.33% in the past 24 hours and is currently trading at $0.5796. The Ripple-backed token’s market capitalization and 24-hour trading volume also recorded significant jumps of 4.31% and 66.28%, respectively.

Furthermore, Coinglass’ data illustrates a notable 7.13% increase in open interest, while volume rose 67.12%. This increase in the token’s derivatives data indicates an upward trend in the market, mirroring XRP’s recent pump.