Ripple Transfers 31 Millions XRP After Grayscale’s Legal Triumph Against SEC

Aug. 31, 2023
Ripple Transfers 31 Millions XRP After Grayscale’s Legal Triumph Against SEC

On August 30, popular crypto tracking service Whale Alert spotted several XRP transactions totaling a staggering amount — nearly half a billion XRP. Ripple Labs was actively involved in the transfer of this huge crypto stash.  Whale Alert highlighted three XRP transactions, carrying 424,018,481 XRP, 31,000,000 XRP, and 27,600,000 XRP.

Ripple Lab transfers 31 million XRP, valued at $16.5 million, to an anonymous wallet address. Details provided by Bithomp, an XRP-based platform, show that this “unknown wallet” actually belongs to Ripple.

The firm often transfers tens of millions of XRP to cryptocurrency exchanges to cover operational costs or send XRP to clients. Moreover, Ripple also conducts large XRP transactions to support its On-Demand Liquidity (ODL) platforms. Ripple’s involvement in such large-scale transactions signifies its sway over the cryptocurrency market’s dynamics.

The largest transaction of 424,018,481 XRP took place between two unknown parties. No further details about these institutions have been revealed.

Moreover, an anonymous wallet owner also transferred 27,600,000 XRP (worth about $14.8 million) to a major EU exchange, Bitstamp, likely in preparation for a sale.

Price Of XRP Experiences A Surge After Following Grayscale’s Legal Success

XRP has witnessed significant growth following the recent ruling in the Grayscale vs. SEC case regarding spot Bitcoin ETF. Grayscale has become the third cryptocurrency company to legally defeat the US securities regulator, following Ripple Lab and Caitlin Long’s Custodian Bank.

According to an Aug. 29 court filing, the judge had granted reconsideration of Grayscale’s request to convert its GBTC into a spot Bitcoin ETF. Bitcoin experienced a surge beyond the $27,000 level on Tuesday following this news. Additionally, XRP also saw a rise of over 6%.

Stuart Alderoty, Ripple’s Chief Legal Officer, took the opportunity to address the SEC’s recent court challenges.

Alderoty stated:

“In our case it’s been proven wrong, been called hypocritical, lacking faithful allegiance to the law, fined for discovery abuses, and now another distinguished court saying it’s “arbitrary and capricious.”

The unfolding events in the Ripple vs. SEC lawsuit will continually shape XRP’s momentum. Investors and traders are attentively watching Ripple’s response to the regulator’s request for an interlocutory appeal. This response is expected to impact investor sentiment and significant XRP whales’ behavior.

Syed Ali Haider

Researcher & Editor
Ali Haider is a Blockchain enthusiast and writer passionate about enhancing the acceptance, adoption, and integration of Blockchain technology worldwide. He has also advocated for digital freedom and cybersecurity for many years.