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A recent significant acquisition of Ripple’s XRP (XRP) token has been identified by the crypto tracking service Whale Alert.
Whale Alert noted a transfer of 66,666,659 XRP, valued at approximately $33,065,809, from Binance to an undisclosed wallet. This transaction has led to speculation regarding its possible effect on price.
Within the XRP ecosystem, Ripple has recently moved large quantities of XRP into secure escrow accounts. Specifically, 300,000,000 XRP, valued at around $146,927,854, along with an additional 500,000,000 XRP, valued at approximately $244,748,526, have been secured in escrow.
66,666,659 #XRP (33,065,809 USD) transferred from #Binance to unknown wallet https://t.co/OwwbvEdBNs
— Whale Alert (@whale_alert) September 2, 2023
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These transactions occur amid the ongoing legal dispute between Ripple and the United States Securities and Exchange Commission (SEC). Ripple’s legal team has recently responded to the SEC regarding its appeal against Judge Analisa Torres’ July decision that XRP is not classified as a security when sold to the general public.
Ripple’s attorneys contended that the criteria for an interlocutory appeal were not satisfied and requested the court to either reject the appeal or impose a stay.
Related: SEC vs. Ripple: Pro-XRP lawyer urges Clayton, Hinman testimony
XRP has seen notable growth in usage lately, achieving a seven-month high in on-chain transactions and a three-month peak in circulation. These indicators reflect an increasing level of engagement and activity within the XRP ecosystem, which may lead to heightened demand.
Although the path to a $1 XRP price remains unclear, developments related to the XRP ecosystem continue to influence the token’s price and investor speculation.
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