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Whale Alert sparks speculation after surge in XRP transfers

Whale AlertCrypto tracking platform detects massive purchases of XRP tokens (XRP) by Ripple.

Whale Alert reported a transfer 66,666.659 XRPfor an approximate value $33,065,809 to an undisclosed wallet from Binance. The move has sparked speculation about its potential impact on price.

In the XRP ecosystem, transferred Ripple has large amounts of XRP in escrow accounts. Especially, 300,000,000XRPworth about $146,927,854, e others 500,000,000XRPworth about $244,748,526, they were entrusted.

66,666.659 #XRP ($33,065,809) transferred #Binance to an unknown wallet

— Whale Alert (@whale_alert) September 2, 2023

The moves come amid the ongoing legal battle between Ripple and the US Securities and Exchange Commission (SEC). Ripple’s legal representatives recently sent a response to the SEC regarding the judge’s appeal against the July decision. Analysis Torresaccording to this XRP is not a security when sold to the public.

Ripple’s legal team argued that the prerequisites for an interim appeal were not met and urged the court to dismiss the appeal or stay execution.

Relating to: SEC vs. Ripple: Pro-XRP Lawyer Requests Statement From Clayton and Hinman

XRP Recently there has been a significant increase in the use ofTogether Seven-month high in on-chain transactions and three-month high in circulation. These metrics point to an increased level of participation and activity in the XRP ecosystem, which could potentially lead to an increase in demand.

While the path to XRP’s $1 price tag remains unclear, events related to its ecosystem continue to affect the token’s value and investor speculation.

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