More information shows the likelihood of XRP assets’ sale by the whale since, a few hours earlier, 14 million XRP had been transferred to Bitso.
XRP is struggling to maintain an upward momentum after the summary judgment by Judge Analisa Torress in the U.S Securities and Exchange Commission (SEC) v. Ripple Labs case that XRP is not a security. Concurrently, investors seem to be selling their holdings.
In addition, a considerable whale has transferred 29 million XRP with a value of more than $15 million to a crypto exchange amidst a price reduction pending the support level.
Whale Alert Tracks $15.3M XRP to Bitstamp Exchange
An August 24 post by Whale Alert showed that 29.3 million XRP worth $15.13 m was moved to a Bitstamp exchange by a larger holder. More information shows the likelihood that the whale may be selling their XRP assets since it had earlier transferred 14 million XRP to Bitso.
Judge Torres’s decision to allow the Securities and Exchange Commission to provide a temporary injunction appeal concerning the sale of XRP tokens had a considerable effect, evoking a notable slump in the market. This resulted in a significant drop in the price of XRP, breaking critical support levels of $0.5 and $0.6.
At present, the price of XRP is improving from the support level of $0.5. However, there is a considerable risk of a large drop in case whales and traders choose to dissolve their holdings. Meanwhile, the trial between the Securities and Exchange Commission and Ripple is expected to take place around the end of April or mid-May.
Whale Activity Prompts Mild Slip in XRP
The timing corresponds to the court notification from the agency and Ripples Labs. Besides, it aligns with the notification from Brad Garlinghouse, the chief executive officer, and Chris Larsen, the executive chairman, who claimed they would be unavailable in the second quarter of next year. XRP’s response involved a price rebound, but the optimistic moment was not sustained.
XRP’s value has declined by more than 3 percent over the past 24 hours and is presently trading at $0.51. Within this period, the price varied between $0.510 and $0.528. In addition, a decrease in trading volume has been witnessed in the past 24 hours.
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