The crypto tracking platform Whale Alert recently detected a significant acquisition of Ripple’s XRP coin, sparking intrigue within the cryptocurrency community. Whale Alert reported a transfer of 66,666,659 XRP, valued at approximately $33,065,809, from Binance to an undisclosed wallet. This transaction has stirred speculation about its potential impact on XRP’s price.

In the XRP ecosystem, Ripple has actively been transferring substantial amounts of XRP into secure escrow accounts. Notably, they’ve placed 300,000,000 XRP, so equivalent to approximately $146,927,854, and an additional 500,000,000 XRP, valued at roughly $244,748,526, into escrow.

🚨 🚨 66,666,659 #XRP (33,065,809 USD) transferred from #Binance to unknown wallethttps://t.co/OwwbvEdBNs

— Whale Alert (@whale_alert) September 2, 2023

XRP’s Legal Battle and Growing Usage: What Lies Ahead?

These developments occur within the ongoing legal dispute between Ripple and the United States Securities and Exchange Commission (SEC). In response to Judge Analisa Torres’ July ruling that XRP is not a security when sold to the general public, Ripple’s legal representatives have recently issued their stance regarding the SEC’s appeal.

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Ripple’s legal team contended that the prerequisites for an interlocutory appeal were not satisfied and urged the court to either dismiss the appeal or impose a stay.

Lately, XRP has experienced significant spikes in its usage, characterized by achieving a seven-month high in on-chain transactions and hitting a three-month peak in circulation. These statistics signify a growing level of involvement and activity within the XRP ecosystem, so potentially spurring increased demand.

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