The price of XRP may be affected by this action, according to rumours.The cryptocurrency tracking service Whale Alert has recently discovered a big purchase of Ripple’s XRP token. 66,666,659 XRP, or about $33,065,809, were reportedly transferred from Binance to an unidentified wallet, according to Whale Alert. The decision has spurred discussion about the possible effects on prices.
Recently, Ripple has transferred substantial amounts of XRP into safe escrow accounts within the XRP community. Notably, 500,000,000 XRP worth approximately $244,748,526 and 300,000,000 XRP worth approximately $146,927,854 have been put in escrow.
The actions take place in the midst of the continuing legal dispute between Ripple and the Securities and Exchange Commission (SEC) of the United States. In response to the SEC’s appeal against Judge Analisa Torres’ July decision that XRP is not a security when sold to the general public, Ripple’s legal counsel recently responded to the SEC.
The legal counsel for Ripple stated that none of the conditions for an interlocutory appeal had been satisfied and asked the court to dismiss the appeal or impose a stay.
With a three-month high in circulation and a seven-month high in on-chain transactions, XRP has seen considerable increases in usage recently. These data show a higher amount of activity and involvement within the XRP ecosystem, which may be driving up demand.
Even if the path to a $1 XRP price is still unclear, developments in the XRP ecosystem continue to have an impact on the token’s price and investor speculative activity
.