XRP, a cryptocurrency backed by Ripple Labs, once again echoed a sense of curiosity among crypto market enthusiasts across the globe as it witnessed phenomenal whale activity recently. Intriguingly, this whale activity promptly gained significant traction as news of SEC’s appeal to Judge Torres appears to be surfacing over the crypto horizon. The U.S. SEC recently appealed to the court to delay the pending deadlines for remedies-related briefings.

Meanwhile, data revealed by the blockchain tracker Whale Alert showcased nearly 300 million XRP on the move, piquing the broader crypto market’s attention. These massive XRP whale transfers illustrated the shifting of noteworthy amounts of XRP to and fro from two CEXs.

Furthermore, when aligned with its derivatives data, the Ripple-backed token surged substantially, birthing market optimism while also hinting at an uptrend.

XRP Whale Transactions: A Closer Look

According to Whale Alert’s data, 300 million XRP, worth $167.70 million, was accumulated from Binance, the world’s leading cryptocurrency exchange, yesterday, February 27. This transaction was done by the wallet address rPz2qA93Pe…ycJR1N4iNf, nabbing significant attention as XRP’s supply took a hit with the accumulation.

On the other hand, another transaction showcasing the dump of 24.05 million XRP, worth $14.07 million, to Bitstamp surfaced today, February 28. A renowned XRP whale, …Rzn, was noted to be making this transaction. Intriguingly, this particular wallet has been noted dumping XRP to CEXs Bitstamp and Bitso regularly. This comes following Ripple’s recent strategic stake acquisition in the previously mentioned CEXs.

Meanwhile, with the impact of the colossal whale accumulation weighing in, as mentioned above, XRP’s price maintained a substantial upward momentum. Contrastingly, the whale dump to Bitstamp appears to have no impact on XRP’s price.

Also Read: Ethereum (ETH) Price Maintains Highest Profit/Loss Ratio Among All Cryptos, What’s Next?

XRP Price Jumps

As of writing, the XRP price noted an uptick of 4.33% in the past 24 hours and is currently trading at $0.5796. The Ripple-backed token’s market cap and 24-hour trading volume also jotted down significant jumps of 4.31% and 66.28%, respectively.

XRP traded as high as $0.5955 today, amassing further bullish attention among crypto market fanatics.

Additionally, Coinglass’ data illustrates a notable 7.13% surge in the open interest while volume sprung 67.12%. This surge in the token’s derivatives data indicates an uptrend in the market, mirroring XRP’s recent pump. The U.S. SEC’s backtracking stance, as seen by the appeal to delay the pending remedies-related deadline, also appears to be echoing a sense of frenzy for Ripple, the company behind XRP.

Also Read: Crypto Prices Today: Bitcoin At 57K, ETH & XRP Gain As PEPE Surges 30%

The post XRP Whales Move 324 Mln Tokens Amid SEC’s Push For Remedies Deadline Extension appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am