What's Going On With Ripple's XRP? Whales Transfer 84M Tokens As Price Fluctuates

XRP XRP/USD came to the investors’ eye on Wednesday when two whales reshuffled almost 84 million XRP.  

Trading volume for the 5th ranked token over the past 24 hours stands 10.2% lower to $1.4 billion. The circulating supply of the token stands at 53.9 billion.

What Happened:  Whale Alert highlighted, an unknown whale address transferred 23.9 million XRP to the crypto exchange Bitstamp on Tuesday. The tokens are valued at around $14.6 million. The recent transfers of XRP to Bitstamp are not the first instance since Ripple acquired a considerable stake in the centralized exchange.

The second transaction of 60 million XRP from a Ripple account was transferred to an unknown address, valuing it at $36.64 million. The receiving whale address had transferred some XRP during the past week. On Dec. 6, this same whale address received 60 million XRP from Ripple valued at around $37 million at that time.

Crypto analyst 24hrscrypto took to his X handle and stated, “XRP to unleash trillions in idle liquidity and simplify global transactions.” He went on to add that XRP is gearing up for 2024, and it could be a “wild ride.”

Why It Matters: Based on the latest court order in mid-November, the SEC and Ripple are required to complete remedies-related discovery by Feb. 12, 2024. The SEC must file its brief about remedies by March 13, 2024, and Ripple by April 12, 2024. By April 19, 2024, the SEC must file any reply to the Ripple brief.

The SEC has dropped all the charges against Ripple co-founder Chris Larsen and CEO Brad Garlinghouse in October.

Meanwhile, the July decision by Judge Analisa Torres resulted in a partial win for Ripple, suggesting that Ripple Labs did not breach federal securities law with its XRP sales. The SEC's legal battle with Ripple has paved a path for specialists to reassess how current securities laws apply to digital assets such as XRP and similar cryptocurrencies.

Price Action: XRP XRP/USD is up 1.2% in the past 24 hours but is down 1.02% over the past seven days.

Read Next: Mike Novogratz Reconsiders Ripple - 'XRP Army Is Real'; Questions Use Of Bitcoin As Currency

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