XRP whales transferred over 300 Mln coins in the past 24 hours, reflecting a frenzy as the SEC recently appealed for a final decision on Ripple.
In a captivating development, XRP whales appear to be on the move, transferring enormous amounts of tokens over the past 24 hours in response to the U.S. SEC’s (Securities and Exchange Commission) recent appeal to Judge Analisa Torres regarding a final judgment on Ripple.
The blockchain tracking service Whale Alert disclosed insights that drew attention from significant investors as the token plummeted significantly today, fueling speculations across the global crypto horizon, and highlighting the transfer of over 300 million XRP.
Since Ripple initiated a legal dispute with the U.S. SEC, XRP’s trading activity in the broader cryptocurrency market has been considerably sluggish.
Currently, as the U.S. regulatory body requests a final decision on Ripple, the above-mentioned enormous whale action has sparked a whirlwind of speculation regarding the future price movement of XRP.
Over 300 Mln XRP On The Go: A Deeper Dive
Whale Alert has identified three significant transactions that, when combined, resulted in the transfer of 301.8 million XRP with a combined value of $191.11 million.
Two of these transactions demonstrated an XRP whale’s well-known dump to CEXs, while the third transaction demonstrated an enormous XRP transfer between unidentified wallets.
Transferring 250 million XRP valued at $158.38 million across unidentified addresses, while the wallet address remained unchanged, previous records indicate that Rzn transferred 28.4 million coins to Bitso, valued at $17.95 million, and 23.4 million coins to Bitstamp, valued at $14.78 million.
Intriguingly, these transactions reflected the mixed sentiment of whales, as they involved both offloading and on-chain transfers between wallets that were actively in use.
The emergence of these transactions immediately following the SEC’s filing for a final judgment against Ripple incited a tidal wash of speculation.
In addition to nearly $2 billion in civil penalties, this judgment contains permanent injunctions, disgorgement, and prejudgment interest.
Meanwhile, the Ripple-backed token once more deviated from its course, coinciding with the ambiguous legal situation between Ripple and the U.S. SEC.
XRP Price Drops
Presently valued at $0.6299, the XRP token has experienced a 24-hour price drop of 2.52% as of this writing.
XRP’s 24-hour trading volume and market cap both decreased by 12.23% and 2.42%, respectively, today, precipitating a bearish trend in the broader crypto market.
As previously observed, the ongoing lawsuit between Ripple and the US SEC is the primary cause of the XRP decline.
As a result of the U.S. regulatory body’s appeal from yesterday, today’s decline mirrored the repercussions of the legal disparity between the two.
Concurrently, enormous whales are in motion, which causes crypto market enthusiasts to anticipate forthcoming price action adjustments.
