Recent crypto activity has caught the attention of enthusiasts as popular tracking service Whale Alert spotted significant XRP transactions totaling nearly half a billion XRP within the last 24 hours.
Ripple Labs, a major player in the crypto space, was also involved in these movements, contributing to this substantial crypto transfer.
Whale Alert identified three noteworthy XRP transfers during this period: 424,018,481 XRP, 31,000,000 XRP, and 27,600,000 XRP.
Ripple participated in the second transfer, moving 31 million XRP to an anonymous wallet address. Ripple’s activities often involve transferring substantial amounts to crypto exchanges for trading purposes, operational expenses, customer transactions, and support for its ODL (On-Demand Liquidity) platforms.
In a significant legal development, Grayscale achieved a victory against the U.S. Securities and Exchange Commission (SEC) in court.
This marks the third instance of a crypto company prevailing against the regulatory body. The sequence began with Ripple’s triumph, followed by Caitlin Long’s Custodian Bank.
While Grayscale’s victory doesn’t guarantee the automatic conversion of the Grayscale Bitcoin Trust into a Bitcoin ETF, it holds profound significance for the crypto community and its future.
The news of Grayscale’s legal win had a tangible impact on the crypto market. Bitcoin, the flagship cryptocurrency, surged above the $27,000 mark on Tuesday.
XRP, in particular, exhibited a notable rise of over 6% in response to the positive legal outcome. The court’s decision highlighted that the “denial of Grayscale’s proposal was arbitrary and capricious because the Commission failed to explain its different treatment of similar products.”
