Whale Alert, the renowned crypto tracking platform, has flagged a significant XRP transaction. A whopping 66,666,659 XRP, valued at about $33,065,809, moved from Binance to an unknown wallet. This transfer has ignited chatter about its potential market influence.
But that’s not all in the XRP universe. Ripple, the company behind XRP, has been making notable transfers. A staggering 300,000,000 XRP, valued at nearly $146,927,854, found its way into a secure escrow account
Following this, another 500,000,000 XRP, with an approximate value of $244,748,526, also went into escrow. These moves are significant, especially considering the backdrop of Ripple’s ongoing legal skirmish with the US Securities and Exchange Commission (SEC).
The legal saga saw a twist recently. Ripple’s legal team responded to the SEC’s appeal against a July verdict by Judge Analisa Torres. The ruling stated that XRP isn’t a security when sold to the public. Ripple’s attorneys countered this appeal. They stated the conditions for an interlocutory appeal weren’t satisfied. They pressed the court to either reject the appeal or put it on hold.
On the usage front, XRP is witnessing a surge. The token recorded a seven-month-high in on-chain transactions. It also saw a three-month circulation peak. These figures hint at a growing engagement in the XRP community. This could drive up demand.
However, it’s not all rosy for XRP in the market. The token is currently on a downward slide. It has seen a price dip of 0.22%. At present, it’s trading at $0.5009. Market experts have identified a support level of $0.4886 and resistance level of $0.5021.
