- Whale Alert reported multiple XRP transfers in and out of unknown wallets.
- The largest single transfer was 100M XRP from Ripple to an unknown destination.
- The US court ruled in favor and against the SEC and Ripple on Monday.
Within the last 24 hours, Whale Alert, an AI service that tracks the massive movement of coins across blockchains, captured multiple transfers of the Ripple utility token, XRP, in and out of unknown wallets.
The most significant single transfer was 100 million XRP tokens from a Ripple wallet to an unknown destination. According to Whale Alert’s data, a rough estimate of the total XRP tokens transferred was 360 million, worth over $136 million.
According to data from the market tracking platform CoinMarketCap, XRP’s 24-hour volume went up by 18% after crypto traders bought and sold over $1.1 billion worth of the coin. Some crypto enthusiasts speculate that the increased activity around Ripple’s token was due to a recent ruling on the blockchain’s lawsuit with the US securities regulator.
On March 6, the US court ruled on both parties’ motions, granting some and denying others, with neither the plaintiff nor the defendants gaining the upper hand. On the other hand, crypto lawyer John Deaton recently disclosed that over 12,000 XRP holders had joined the motion to intervene in the ongoing lawsuit between the Ripple blockchain and the US Securities and Exchange Commission (SEC).
Deaton noted that while 12,600 XRP holders joined the legal motion to intervene, the number of willing defendants in the Ripple case has since grown to over 75,000.
The crypto lawyer revealed the figures while responding to a tweet from a crypto enthusiast, Richard Heart, who encouraged the crypto community to stand with Ripple in its legal battle to avoid setting a bad precedent.