In the past 24 hours, two significant XRP transactions totaling nearly 500 million XRP have taken place. The first transaction involved the migration of 412,334,412 XRP tokens, worth approximately $213 million. The second transaction, valued at $13 million, was attributed to Ripple Labs and sent to the Bitstamp exchange. These transfers coincide with Ripple’s recent legal victories against the SEC, which have created optimism and price predictions for XRP.
Ripple has strategic alliances with exchanges Bitstamp and Bitso, and it is not uncommon for Ripple to send large batches of XRP tokens to these exchanges. In early October, around 100 million XRP were transferred to Bitstamp and Bitso. The recent transactions of nearly 500 million XRP could also be related to these alliances. Additionally, these transfers come as Ripple continues to secure victories in court against the SEC. These victories have led to increased price predictions for XRP, with some analysts predicting a price as high as $240 per token. The upcoming court battle scheduled for April 2024 between Ripple and the SEC will have significant implications for the cryptocurrency market and US regulation.
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