A recent substantial purchase of Ripple’s XRP token has been detected by the crypto tracking platform Whale Alert.
Whale Alert reported a transfer of 66,666,659 XRP, worth approximately $33,065,809, from Binance to an undisclosed wallet. The move has sparked speculation about its potential price impact.
In the XRP ecosystem, there have been recent transfers of substantial amounts of XRP into secure escrow accounts by Ripple. Notably, 300,000,000 XRP, worth roughly $146,927,854, and an additional 500,000,000 XRP, worth roughly $244,748,526, have been placed in escrow.
— Whale Alert (@whale_alert) September 2, 2023
The moves come amid the ongoing legal battle between Ripple and the United States Securities and Exchange Commission (SEC). Ripple’s legal representatives have recently issued a response to the SEC concerning its appeal against Judge Analisa Torres’ July ruling that XRP is not a security when sold to the general public.
Ripple’s legal team argued that the prerequisites for an interlocutory appeal were not met and urged the court to either dismiss the appeal or impose a stay.
XRP has experienced significant increases in use recently, with a seven-month high in on-chain transactions and a three-month peak in circulation. These metrics indicate a rising level of engagement and activity within the XRP ecosystem, potentially stimulating increased demand.
While the road to a $1 XRP price remains uncertain, events associated with the XRP ecosystem persist in impacting the token’s price and investor speculation.