XRP whales have been making headlines by offloading huge amounts of the crypto, coinciding with Ripple’s upcoming $125 million settlement with the SEC.
XRP whales have once again captured the attention of the media by selling off a significant quantity of tokens in anticipation of Ripple’s $125 million settlement with the Securities and Exchange Commission.
Recent on-chain data exposing substantial transactions of about 114 million XRP to controlled exchanges has raised concerns among market participants. As a result of the massive sell-off, the price of XRP has experienced a significant decline, fueling further speculation about potential future price swings within the cryptocurrency.
Ripple Whales Dump 114M Coins To CEXs
Whale Alert, a blockchain transaction tracker, distilled insights to determine that XRP whales dumped 114.34 million coins to CEXs over the previous day. Recent statistics indicate a transfer of a total of 54.34 million XRP to the exchanges Bitstamp and Bitso.
This transaction was initiated by the well-known Ripple Whale address. Rzn initiated the dump transactions. While this was going on, data as of August 29 demonstrated that the whale address rPz2.. had unloaded an astounding sixty million coins to Binance, the cryptocurrency trading behemoth, with a total value of thirty-four and a half million dollars.
These transactions are consistent with the token’s price action today, indicating increased selling pressure on the asset. In the meantime, these transactions have acquired significant pace, and there are only nine days left for Ripple to pay the $125 million settlement that is a component of the final ruling that Judge Analisa Torres will make in the SEC litigation.
“JackTheRippler,” a crypto enthusiast, visited X today and revealed that the settlement will occur within the next nine days. This remark has added an additional layer of mystery to the XRP whale transactions.
At the same time, Ripple Chief Legal Officer Stuart Alderoty suggested that the SEC would suffer another setback if it continued with its crackdown. This was in response to the case that the SEC filed against OpenSea, which is a marketplace for non-fungible tokens.
XRP Price Tumbles, What’s Ahead?
On the other hand, the price of XRP continued to trade in the red today, which is consistent with the big dumps and the market’s overall movement. XRP’s price had decreased by 4.22% to $0.5487 at the time of this publication.
Over the course of twenty-four hours, the coin’s lows and highs were respectively $0.5754 and $0.5488. The earlier noted massive XRP whale dumps generally align with the declining price movement.
To add insult to injury, the cryptocurrency market in general experienced a slow movement today. Despite this, it appears that the coin’s long-term prospects are positive going forward.
Notably, cryptocurrency analyst Egrag predicts a highly optimistic goal price of $27 for XRP in the future. According to the Fibonacci analysis, the coin’s breaking resistance of $0.75 is responsible for this specific outcome.
Moreover, various studies on XRP’s price indicate an expected upward trend for the token. The analysis cited Ripple’s recent legal actions, further supported by favorable on-chain metrics.
Participants in the cryptocurrency market continue to closely monitor the coin, anticipating additional price movement swings in the near future.
