According to the data available on Whale Alert, 40 million XRP tokens worth approximately $14.2 million have been transferred to exchanges. The transfer took place on July 27 at 21:45:40 UTC. The wallet behind the transfer now has less than 100 XRP tokens.
The wallet has made several trades on centralized exchanges. The transfers amount to 5-150 million XRP. The movements follow a pattern similar to that of service providers.
In addition, XRP has witnessed a lot of whale activity in the past 24 hours.
The most recent transaction involved the transfer of 110 million XRP tokens from another anonymous wallet. Nevertheless, the moves are similar to the previous whale wallet.
Why XRP’s big moves?
If the transfers are not from some service provider, the whales may anticipate the results of the SEC-Ripple lawsuit. Many have pointed out that the results of the lawsuit could be released earlier than expected. The verdict will most likely have an impact on XRP. If the verdict goes against Ripple, the token could be labeled as a security. Whales may be on the brink of the court’s decision. Therefore, they may wait to make their moves after the verdict. Depending on that, we can expect a pump or a landfill.
However, in a interview with Axios at Collision 2022, Ripple CEO Brad Garlinghouse said that if XRP were considered a security, it would only be in the United States.
Garlinghouse stated,
“The SEC only has jurisdiction in the United States, and in some ways… How the world works now is like the case is lost.”
Garlinghouse also stressed that most exchanges do not allow XRP trading in the US. He also thinks that losing the case to Ripple wouldn’t change anything. Calling the situation a “status quo”.
Nevertheless, the CEO does not think Ripple will be on the losing side of the lawsuit.
He thinks so because
“I bet because I think the facts are on our side. I bet because the law is on our side.”
At the time of writing, XRP was trading at $0.353537, up 3.5% in the last 24 hours.