Massive XRP Shifted to Binance as Price Trades in Green: Details

XRP

Recent hours have seen a significant amount of XRP being transferred to the Binance cryptocurrency market, according to crypto data tracker Whale Alert.

An unidentified wallet sent 87,305,753 XRP worth $41,197,105 to Binance, according to Whale Alert.

Given that moving coins involves fees, there are three reasons why wallets outside of exchanges would transmit their holdings there.

Investors are likely moving their coins to the spot exchange to be sold if there is a spike of purchasers there. This type of behaviour frequently results in a price decline, which is a bad sign.

The second justification is trading on the risky derivatives market. Not to mention, investors often move their holdings to exchanges for staking, airdropping, or straightforward repurchasing.

It is challenging to infer many inferences regarding price or volatility in this situation. It’s common to dismiss this justification as insignificant.

At the time of writing, intraday gains in XRP were slowing down but were still positive. XRP was modestly up, rising 0.99% to $0.469 over the previous day. The cryptocurrency has gained 10% during the last week, though.

Crypto lawyer predicts Ripple SEC lawsuit next phase

John Deaton, the creator of CryptoLaw and the lawyer for XRP investors, shares an intriguing discovery that may indicate that XRP was not considered a security in SEC communications.

“I can’t wait for these emails to be released,” Deaton exclaims. Even non-XRP owners, such as detractors of Ripple, will likely have to admit objectively that what the SEC did was blatantly incorrect. Mark my words: The investigation into the motivation behind this lawsuit will pick up speed.

As Judge Torres rejected the SEC’s request to seal the records of former SEC officer William Hinman, XRP increased 10% throughout the course of the week.

As previously said, some members of the XRP community believe that a “storm” may be brewing as a result of the significant developments made by Ripple in the week after Judge Torres’ decision.

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