Aug 25, 2023

XRP Whale Shifts 29 Million Tokens to Bitstamp Despite Crypto Price Slide

XRP Struggles to Maintain Momentum After SEC Verdict Following Judge Analisa Torres’ summary judgement in the United States Securities Exchange Commission v. Ripple Labs case that XRP isn’t a security, investors appear to be selling off their holdings. Adding to this, a significant crypto whale has moved 29 million XRP, valued at over $15 million,…

29 million XRP tokens moved to Bitstamp amid crypto price slide.
XRP whale moves 29 million tokens to Bitstamp amid price slide

XRP Struggles to Maintain Momentum After SEC Verdict

Following Judge Analisa Torres’ summary judgement in the United States Securities Exchange Commission v. Ripple Labs case that XRP isn’t a security, investors appear to be selling off their holdings. Adding to this, a significant crypto whale has moved 29 million XRP, valued at over $15 million, to a crypto exchange amid a price decline approaching the support level.

Whale Alert reported on Aug. 24 that a large holder transferred 29.3 million XRP worth $15.13 million to Bitstamp. This suggests the possibility that this crypto whale might be selling their XRP assets, as it had previously moved 14 million XRP to Bitso just a few hours earlier.

The decision by Judge Torres to permit the U.S. SEC to submit an interlocutory appeal regarding XRP token sales had a significant impact, triggering a notable market downturn. This led to a sharp decline in XRP’s price, breaching crucial support levels of $0.6 and $0.5.

Presently, XRP’s price is attempting to recover from the support level at $0.5, but there is a substantial risk of a significant drop if traders and crypto shibas opt to liquidate their holdings.

In the meantime, the trial between Ripple and the SEC is expected to take place around the end of April or mid-May. This timeline is in line with the court notification from both the SEC and Ripple Labs, as well as CEO Brad Garlinghouse and executive chairman Chris Larsen, who noted their unavailability in the second quarter of 2024. In reaction, XRP’s price saw a resurgence; however, the bullish sentiment wasn’t sustained.

In the last 24 hours, the price of XRP has dropped by more than 3% and is currently trading at $0.51. The value has fluctuated between $0.510 and $0.528 during this period. Additionally, the trading volume has seen a decrease in the past 24 hours.

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