Ripple whales move huge XRP fortunes

In the past few days, there have been a number of large transactions involving XRP, Ripple’s digital asset. A total of almost 1 billion XRP were moved in these transfers.

According to Whale Alert, a Twitter account reporting large crypto transactions, four large XRP transactions have taken place. ripple whalesor large investors moved a total of 848,959,846 XRP worth approximately $436,178,000.

Ripple itself also moves XRP

The two largest transfers consisted of 424,354,912 XRP and 424,604,934 XRP, both worth around $214,000,000 at the time of the transfer. Of the two smaller transactions, one was conducted by Ripple itself, namely 75 million XRP worth about $37 million.

However, it is not clear where the XRP was sent. The addresses are not known, according to Whale Alert, but there is speculation that the XRP could be sent to crypto exchanges for sale. Ripple’s XRP appears to have come from Ripple’s escrow account. From this account, the crypto company regularly sells XRP on the market, although XRP holders are not too happy with it.

On the other hand, new XRP were also blocked in Ripple’s escrow account. This happened in two transactions 500 million XRP and 300 million XRP. These huge numbers are issued and re-pinned every month. According to the latest disclosure, the San Francisco-based fintech still has just over 40 billion XRP in escrow accounts. The next release will be in early October.

The XRP lawsuit could have a long end

Ripple is currently involved in a legal dispute with the US Securities and Exchange Commission (SEC) over the status of XRP. A judge ruled in July that selling XRP on exchanges does not fall under US securities laws and is therefore not subject to SEC oversight.

This victory was widely celebrated and the XRP price skyrocketed by 100% for a short time. However, the price has now fallen back to the same price as before the court decision. Meanwhile, the SEC has indicated that it will appeal the verdict. This morning on Crypto Insiders, you could read the crypto company’s response on Ripple news.

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