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Cryptocurrency tracker Whale Alert, which monitors large crypto transactions and shares their details on its website and on the X platform, has detected three major transfers, which moved a massive amount of $XRP each.
The transferring of almost $60 million worth of $XRP took place after San Francisco-based Ripple blockchain juggernaut announced its final victory over the U.S. Securities and Exchange Commission in court. This development has got $XRP whales to show more activity as they purchased millions of coins on top cryptocurrency exchanges.
101 million $XRP change hands
Whale Alert mentioned above spreads the word about whales shoveling three massive $XRP chunks. The data source shared details of the three transactions, which carried 60,000,000, 23,373,078 and 17,922,146 $XRP.
🚨 23,373,078 #$XRP (12,101,882 USD) transferred from #Binance to unknown wallethttps://t.co/JP5PRXYQFs
— Whale Alert (@whale_alert) August 7, 2024
A total of 101.2 million $XRP coins has been transferred. The largest $XRP chunk was withdrawn from Upbit and 23,373,078 $XRP were moved from the largest crypto trading platform Binance. Both withdrawals were sent to unknown digital wallets. The smallest crypto amount of 17,922,146 $XRP was transferred to Binance.
🚨 🚨 60,000,000 #$XRP (36,843,829 USD) transferred from #Upbit to unknown wallethttps://t.co/HpmBJdi3Ig
— Whale Alert (@whale_alert) August 8, 2024
Ripple boss celebrates victory over SEC, $XRP soars 26%
On Aug. 7, Ripple’s Chief Executive Officer Brad Garlinghouse published a tweet, in which he commented on the final decision issued by the court. He framed this decision as a victory for Ripple Labs.
The victory was in managing to reduce the initial fine of $2 billion demanded by the Securities and Exchange Commission of fines and penalties. Ripple urged the court to reduce this gargantuan amount to just $10 million. The judge, however, found a golden medium, obliging Ripple to pay the SEC $125 million worth of civil penalties.
Garlinghouse stated that this is a major victory not only for Ripple but for the whole cryptocurrency space.
Reacting to this bullish event, $XRP staged a mammoth 26% price surge in three large consecutive green candles on an hourly chart. The coin jumped from $0.50065 to $0.62911. After a minor correction, $XRP is changing hands at $0.61718.
The crypto X community is also celebrating along with Ripple, stating that the SEC proclaimed $XRP to be a non-security after four long years of the expensive lawsuit. Festive $XRP posts are popping up on X here and there.