There have been reports of a sizable transfer of XRP coins from an external wallet to a cryptocurrency exchange. As investors fear a potential dump, the 40 million XRP transfer has sparked conjecture within the cryptocurrency world.
This month, XRP has done quite well, rising 38.55% since the year started to reach a peak of $3.4. However, its price has significantly dropped to just over $3 due to a general market slowdown and a decrease in whale activity. Additionally, the recent move has increased investors’ speculation about future price declines.
40 Million XRP Hits Binance
An unidentified person transferred a staggering 40,000,000 XRP to Binance, the largest cryptocurrency exchange globally by trade volume, according to a report on X (previously Twitter) by Whale Alert, a service that monitors significant cryptocurrency transactions. The transfer took place on January 20, the day of Trump’s inauguration, and was estimated to be worth $125 million.
Community members’ dump suspicions have gained more depth as a result of this since they believe the whale was attempting to profit from the prior pump in anticipation of a future market correction.
However, we examined the ‘unknown wallet” transaction history more closely and discovered that the sender address is still holding 772.354 million XRP and is closely linked to the Binance exchange.
This implies that the 40 million XRP transfer might not be a dump as some had suggested, but rather a component of Binance’s internal asset shuffle. As part of their asset management approach, exchanges frequently move substantial sums of cryptocurrency between wallets.
Ripple vs. SEC Speculated to Settle This Week
In the meantime, this week could see a bull run for XRP. In a discussion on X, Sean McBride, a former Ripple official, offered his thoughts on the continuing legal dispute between Ripple and the SEC, stating that a resolution or dismissal of the case is anticipated this week.
His forecast aligns with the expectations of the larger XRP community, particularly in light of the SEC’s recent appointment of a pro-crypto interim chairman. While Paul Atkin’s Senate approval is still pending, Mark Uyeda was named the commission’s acting chairman.
According to McBride, there should be some degree of secrecy with all parties involved, and Brad Garlinghouse and Chris Larsen, the co-founders of Ripple, should receive compensation. Since a settlement provides a more thorough conclusion, he says it makes more sense than a dismissal.
The price of XRP may skyrocket to new levels if this occurs. One of the things impeding XRP’s growth over the past four years has been the protracted lawsuit. However, if the dispute continues, XRP may have to endure a lengthier period of consolidation until the matter is definitively resolved.
As of this writing, XRP was trading at $3.09, down 2.49% over the previous day.
