XRP Whale Transfers Witnessed a Day After Grayscale’s Victory

  • On-chain trackers have highlighted multiple whale transfers involving hundreds of millions of XRP.
  • A wallet associated with Ripple transferred 31 million XRP worth $16.5 million to an unknown wallet.
  • The whale transfers came just a day after Grayscale won its lawsuit against the SEC.

On-chain transaction trackers recently reported two whale transfers involving hundreds of millions of XRP. Interestingly, one of the transfers, involving 31 million XRP, was initiated from a wallet associated with Ripple. The whale transfers come barely a day after Grayscale won its lawsuit against the SEC, triggering a market-wide rally.

Whale Alert took to X (formerly Twitter) earlier today to highlight a transfer of 424 million XRP worth a whopping $225.9 million. The whale transfer occurred between two unknown wallets. An independent on-chain research revealed that the wallet that sent the 424 million XRP today received 425.1 million XRP from crypto exchange Bitvavo on August 27, 2023.

As a matter of fact, there have been a lot of XRP whale transfers over the past week. XRP explorer from bithomp showed that Bitvavo previously transferred 425.8 million XRP to the wallet, which initiated today’s whale transfer. Bitvavo’s wallets have made multiple transfers involving over 100 million XRP over the past two weeks.

Another whale transfer flagged by Whale Alert showed that a wallet associated with Ripple moved 31 million XRP worth $16.5 million to an unknown wallet. The unknown wallet received 37 million XRP from Ripple’s address on August 28 and 50 million XRP on June 29 as well. The high amount of XRP exchanges on a regular basis suggests that the unknown wallet may be associated with a crypto exchange.

The whale transfers come a day after Grayscale Investments won the lawsuit filed against the Securities and Exchange Commission over the rejection of its spot Bitcoin ETF. Grayscale’s victory led to a significant surge in the prices of cryptocurrencies, including BTC, ETH, BNB, and XRP. XRP gained more than 5% following the news of Grayscale’s victory yesterday. At the time of writing, the token was trading at $0.52.

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