Hundreds of Million XRP Coins Moved from Exchangers to Crypto Wallets

Bittime - There has been a big movement XRP/IDR in the global crypto market in the last 24 hours. According to Whale Alert, a well-known cryptocurrency transaction tracking tool, more than 272 million XRP was moved from the world's largest crypto exchange by several anonymous entities known as "whales".

This activity raises big questions among crypto observers. Remember, XRP has just experienced major turmoil due to the decision of the US regulator, the Securities and Exchange Commission (SEC), which filed an appeal regarding the legal case against Ripple, the company behind XRP.

Wave of XRP Withdrawals from Major Exchanges

Over the past 24 hours, Whale Alert reported at least seven large transactions involving XRP on the XRP Ledger network. Most of these transactions occur on well-known crypto exchanges such as Binance and Indodax. 

This shows that XRP whales, who are usually large investors, are carrying out significant buying and selling activity.

Some of the largest transactions included withdrawals of 28.9 million XRP and 30 million 

Additionally, other large transactions involve crypto exchanges such as Bitstamp and Bitso. It was noted that the two crypto exchanges also received large deposits from anonymous entities.

Read also: Not Accepting Ripple's Win, SEC Files Appeal

Bitstamp received 19.22 million XRP, while Bitso received deposits of 30.38 million XRP. Binance was also again the destination for another withdrawal of 30 million XRP.

One of the most striking transactions was the transfer of 104.3 million XRP worth $54.6 million (around IDR 855 billion) between two anonymous blockchain wallets. This transaction was in the spotlight because the amount was very large and was carried out without a clear identity of the sender.

SEC Appeal in Ripple Case

Meanwhile, this big movement of XRP comes amidst the latest developments in the legal case between the SEC and Ripple. Earlier this week, the SEC decided to appeal the court ruling in favor of Ripple. 

The deadline for this appeal was October 7, 2024, and the SEC successfully filed before that deadline.

This case started last year. This is when Federal Judge Analisa Torres ruled that sales of XRP in the secondary market cannot be categorized as sales of securities. 

This decision was a big victory for Ripple, and this year they won again when the judge reduced the fine requested by the SEC from $2 billion (around IDR 31.3 trillion) to just $125 million (around IDR 1.9 trillion).

Read also: XRP Price Collapses as Ripple Hit by Appeal by SEC

Brad Garlinghouse, CEO of Ripple, strongly criticized the SEC's move to appeal. However, the negative impact of this appeal was immediately felt in the market. The price of XRP fell by more than 9% since last Wednesday, right after the SEC announced their appeal. 

The price of XRP, which was previously at $0.58 (around Rp. 9,070) on October 2, has now fallen to $0.53 (around Rp. 8,300). Overall, since Sunday, XRP has lost more than 20% of its market value.

Why Is This Movement Important?

This movement of hundreds of millions of XRP has given rise to speculation among crypto investors. On the one hand, this could be seen as an attempt by large investors to protect their assets amid regulatory uncertainty triggered by the SEC appeal. 

On the other hand, these big moves can also be a strategy to take advantage of market volatility.

Whatever the reason behind this massive move in XRP, it is clear that the situation around Ripple and XRP is still very dynamic. Market watchers will keep a close eye on further developments. 

Specifically, regarding how the SEC's appeal and Ripple's response will affect XRP's price and movements in the future.

In the next few days, this situation may develop rapidly, and investors are advised to remain alert to the latest news from the world of crypto. Both in terms of regulation and price movements, XRP remains one of the most monitored digital assets globally.

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