Whale Alert, a crypto-tracking platform, has recently detected a considerable purchase of Ripple’s XRP token. The platform reported a transfer of approximately 66,666,669 XRP tokens, accounting for almost $33,065,809. Whale Alert also reported that these tokens were transferred from Binance to an undisclosed wallet. Furthermore, the recent development has led to rising concerns revolving around the potential price impact.
— Whale Alert (@whale_alert) September 2, 2023
The XRP ecosystem has seen a considerable number of transfers into secure escrow accounts by Ripple over time. Almost 300,000,000 XRP tokens along with an additional 500,000,000 tokens have been placed in escrow as of now. The move follows the ongoing battle between Ripple and the SEC. The court recently announced that classifying XRP as a security was merely baseless, but the SEC filed for an appeal not too long after.
The legal representatives of Ripple have recently issued a response to the SEC regarding its appeal against Judge Analisa. Ripple’s legal team continues to argue that the prerequisites for an interlocutory appeal were not satisfied and, therefore, urged the court to either dismiss the appeal as a whole or simply impose a stay.
XRP Price and Usage Surges Massively
The considerable purchase of XRP has led to numerous questions arising regarding the impact on the price of the token. Some argue that the price would be impacted for the worse, whereas some claim that the massive purchase would provide the token the push it needs to stay viable. At the time of writing, XRP has surged by 0.75% within the previous 24 hours, therefore pushing the trading price up to $0.508. Similarly, the market cap currently stands at the $26 billion mark.
The token has been subject to an overall increase in usage, which is backed up by a seven-month high in on-chain transactions along with a three-month peak in circulation. These metrics currently indicate a continuously rising level of engagement as well as activity within the XRP ecosystem.
It is currently believed that these metrics currently stimulate an increased demand. However, the road toward the $1 mark might still be an uncertain one for the token, but events associated with the token’s ecosystem persist in impacting the token’s overall price along with investor speculation.