XRP, a Ripple Labs-backed cryptocurrency, is again generating considerable interest in the cryptocurrency community today, November 20, after a whale transferred immense quantities of XRP coins to a centralized exchange.
Investors and cryptocurrency traders were captivated by the enormous transfer, as the same whale was spotted transferring millions of XRP in a series of transactions over the previous few days.
Concurrently, the XRP price experienced an increase as of today. The significant fluctuation in price appears to correspond with Ripple Labs’ recent victory in the US SEC vs. Ripple lawsuit and the Ripple community’s decision to assist with multiple projects utilizing the XRP Ledger.
A blockchain monitoring platform, Whale Alert, has disclosed that an unidentified wallet, denoted as r4wf7enWPx…5XgwHh4Rzn, recently facilitated the transfer of 25 million XRP to Bitstamp, a centralized exchange based in Luxembourg City, Europe.
The enormous transfer of XRP captured the attention of crypto traders worldwide, as an increase in the number of tokens in circulation typically indicates a bearish sentiment when tokens are dumped on centralized exchanges.
On the contrary, the XRP price reflected market sentiments by experiencing a slight increase as of today.
At the time of composition, the value of XRP had escalated by 1.98% in the preceding twenty-four hours, settling at $0.62. According to market statistics, the price experienced a significant decline of 5.39% over the previous seven days.
Amidst the ongoing volatility of XRP prices, the cumulative value experienced a substantial surge of 21.09% during the month due to the progress achieved by the Ripple community.
The previously mentioned increase in price appears to correspond with the recent disclosure of Ripple Lab’s list of awardees, in which the company intends to allocate an enormous $1.3 million to enhance a collective of 22 projects that utilize the XRPL.
Moreover, XRP’s legal counsel, Stuart Alderoty, recently criticized the US SEC and Gary Gensler, asserting that the SEC continues to receive criticism for its dubious conduct throughout the cryptocurrency universe.
Furthermore, Alderoty underscored the SEC’s guilt in the eyes of federal auditors and justices.