Crypto whales are showing great interest in the altcoin project as the ongoing litigation between Ripple and the SEC draws to a close. This suggests that the whales are betting on Ripple winning in the Ripple and SEC lawsuit. Meanwhile, there is a new modification proposal for XRP Ledger.
Increasing interest in altcoin project among whales
According to whale watching platform Whale Alert, an anonymous deep pocket investor transferred 254,594,800 (254.59 million) XRP tokens worth $107.78 million to another unknown user’s address.
Data from XRP-focused service Bithomp shows that the transaction took place at noon on Monday. At press time, the funds are still intact in the buyer’s wallet. This suggests that the rationale behind the transaction may be for investment purposes.
Alongside the aforementioned transaction, Whale Alert also shared details of other major XRP transfers that have taken place in the last 24 hours. About 16 hours ago, an unidentified whale moved 35 million Ripple-linked tokens to EU-based cryptocurrency exchange Bitstamp. The transaction was valued at $14.97 million at the time Whale Alert reported on Twitter.
An hour later, Whale Alert also observed another big move in XRP tokens. This time, an unnamed whale has withdrawn 30.2 million XRP tokens ($12.86 million) from Latin America-based cryptocurrency exchange Bitso.
The transactions come after growing interest in XRP among deep-pocketed cryptocurrency investors. In the past two days, crypto whales have transferred more than 600 million XRP tokens from their addresses on exchanges and cold wallets. Some high net worth investors carried 336 million XRP on Monday.
Whales optimistic for an XRP rally if Ripple wins its case
Despite the stagnant price of XRP, cryptocurrency whales are optimistic that if Judge Analisa Torres rules in favor of Ripple in the ongoing lawsuit, the altcoin project will surpass its all-time high of $3.4.
Ripple CEO Brad Garlinghouse told CNBC at the 2023 World Economic Forum in Switzerland that he is confident in the outcome of the case based on the company’s position in the case. He added that he expects Judge Torres to rule on the case in the first half of 2023. Comments by Garlinghouse continued to fuel the whales’ appetite for XRP, resulting in the transfer of hundreds of millions of crypto assets almost daily.
New modification proposal for XRP Ledger
XRP Ledger is an open source, decentralized and permissionless network. DeFi facilitates various payment-related applications such as micropayments and even NFTs. Over the years, its native token XRP has grown meteorically to be among the best in the crypto space. Recently, XRP Ledger has received a new modification proposed for its implementation in the ledger. Denis Angeli is the person who contributed and suggested the latest change tagged with code XLS-34d.
The proposal proposes some changes to the structural premises of the XRPL ecosystem. He notes that such adjustments will help improve the capabilities and functionality of non-XRP native XRPL assets. The new proposal will change XRP Ledger transactions, objects and even RPC methods. It will also allow Trustline balances to be used on Escrows and PayChannels.
With the changes, escrow accounts will include all assets developed on the XRP ecosystem. It will be possible for a project team to lock some tokens into a Trustline balance and monitor the token supply. Additionally, the change will allow token issuers to retain authorization control of their assets. Thus, they can freeze tokens even if they are locked to instruments.
In addition, the change plans to increase the efficiency of XRP Ledger by ensuring maximum security. It prohibits the irrelevant proliferation of XRP Ledger assets and reduces computational stress on the ledger. Similarly, PayChannels on the ledger will gain access to their Trustline balances. For example, when a user locks a certain amount of assets to their PayChannel, the LockedBalance on Trustline will increase by the same amount.
The proposed change has just been released and the XRPL network has yet to implement it. Before it can be implemented, it must pass a vote by the XRP community to support or reject it. Some prominent names in the XRP community support the proposed change. These include Scott Chamberlain, co-founder of Evernode XRPL, and Wietse Wind, lead developer of Xumm Wallet.
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