Whales Abandon $14 Million XRP Tokens Amid Ripple’s Recent Win

Whales Abandon $14 Million XRP Tokens Amid Ripple’s Recent Win

The latest update on XRP from Whale Alert data that an unknown whale just sold off a substantial amount of XRP, amounting to 26.8 million tokens worth $14.24 million. This is happening amid wide jubilation in the recent positive trend that involves the legal triumphs for Ripple Labs, including rejecting the United States Securities and Exchange Commission’s (SEC) request for an interlocutory appeal.

According to available information on the specifics of the transaction, the Bitstamp exchange first received a transfer of 26.8 million XRP tokens from an unidentified wallet. Another XRP token worth $10.83 million was transferred in a subsequent transaction amounting to 20.40 million XRP tokens that were spent from an unnamed wallet to the Bitso exchange.

These transactions took place soon after Judge Analisa Torres’ decision, raising the stakes and contributing to the move’s mystery. Major cryptocurrency industry analysts have explained the judgment rendered by Judge Torres on October 3 as another victory for Ripple Labs in its ongoing legal conflict with the SEC. The judge rejected the SEC’s request for an interlocutory appeal in a follow-up to her illustrious Summary Judgment, which she gave in July 2023.

Market Reacts To Recent Move, Blames Market Dynamics

The whale’s huge token dump hurt the price of XRP despite the judicial victories and rising optimism surrounding the cryptocurrency. Following the transactions, XRP saw a one-day volume decline of 38.47% with $1.01 billion worth of trading activity.

Furthermore, XRP’s market valuation decreased by 1.16% from the previous day, ending at $27.87 billion. The whale’s actions aroused concerns about the reasons behind the significant XRP sell-off, particularly in light of recent judicial developments in Ripple Labs’ favor.

Analysts speculate that the whale might have chosen to profit from the cryptocurrency’s recent price increases to capitalize on the positive sentiment created by the judicial victories. CoinGape, in its latest situation report, suggests that market dynamics may have influenced the whale’s movement, as huge holdings frequently look to profit from brief price swings.

Cryptocurrency Community Recounts Tales Of XRP, Gets More Curious

The XRP community has started recounting past activities as their curiosity thickens. Recent observation shows the previous XRP’s court victory triggered its investor’s confidence yesterday. It was also revealed that the token was achieved. Yet, another milestone was the same day the United States court turned down the Security and Exchange Commission (SEC) request, followed by its Singapore subsidiary victory.

The report states that Ripple’s Singapore subsidiary has gotten provisional approval for the company’s Major Payments Institution (MPI) license from the country’s apex bank. Ripple has linked the previous simultaneous achievements to the company’s four months of committed efforts.

It also said that the company’s electronic transaction services in Singapore will be solidified with the latest achievement of the MPI license. However, Ripple has also displayed its dedication to delivering excellent services to its customers by securing a spot on the latest list of the world’s top 100 prestigious Fintech companies.

Meanwhile, as of press time, XRP’s market capitalization closed at $27,850,377,519, with a 1.98% downward trend. The total trading volume closed at $920,996,223, with a 49.96% decline, to sell at $0.5224. Comments from the XRP online community showcase strong will of a stronger comeback, as the token has already started making a strong rebound.

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Jesse Rosenbalm
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Jesse Rosenbalm

Jesse Rosenbalm stands out in the crypto journalism realm, seamlessly blending intricate blockchain concepts with accessible prose. Known for his deep dives and accurate forecasting, Jesse's articles are a must-read for both novices and experts. As crypto trends shift, his insightful writings remain a beacon in the digital currency space.

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