In recent hours, crypto data tracker Whale Alert has spotted a massive chunk of XRP being moved to the Binance crypto exchange.
Whale Alert notes that 87,305,753 XRP worth $41,197,105 were transferred from an unknown wallet to Binance.
🚨 🚨 🚨 🚨 87,305,753 #XRP (41,197,105 USD) transferred from unknown wallet to #Binancehttps://t.co/slOigEUMX5
— Whale Alert (@whale_alert) May 21, 2023
There are three possible explanations for why wallets outside of exchanges send their assets there, as shifting coins incurs costs.
If there is a surge of buyers at the spot exchange, investors are probably sending their coins there to be sold. A price fall is a common outcome of this kind of behavior, which is a negative indication.
Trading on the volatile derivatives market is the second reason. Last but not least, investors periodically transfer their holdings to exchanges for staking, airdropping, or simple reshuffling.
In this instance, it is difficult to draw many conclusions about pricing or volatility. This justification for the behavior is frequently seen as unimportant.
At the time of writing, XRP was easing intraday gains but remained in the green. XRP was marginally up, 0.99% higher in the last 24 hours to $0.469. The cryptocurrency is, however, up 10% in the past seven days.
Crypto lawyer predicts Ripple SEC lawsuit next phase
CryptoLaw founder and XRP holders’ attorney, John Deaton, reveals an interesting find that might suggest that XRP was viewed as a non-security in SEC emails.
I can’t wait for these emails to be released. I predict even non-XRP holders, including Ripple critics, will have to objectively say that what the SEC did is flat out wrong. The inquiry about the motive behind this lawsuit will go into a higher gear – mark my words. https://t.co/5YMPYfLS1o
— John E Deaton (@JohnEDeaton1) May 20, 2023
Deaton says, “I can’t wait for these emails to be released. I predict even non-XRP holders, including Ripple critics, will have to objectively say that what the SEC did is flat-out wrong. The inquiry about the motive behind this lawsuit will go into a higher gear — mark my words.”
XRP jumped 10% during the week as Judge Torres denied the SEC’s motion to seal the documents of former SEC official William Hinman.
As reported, following the major advancements made by Ripple in the week shortly after Judge Torres’ ruling, some in the XRP community think a “storm” might be on the horizon.