XRP Whales Transfers 67 Million XRP Amid Ongoing Legal SuitsÂ
A lot of activity has been seen among XRP whales, with a significant movement of almost 67 million coins, during the continuing legal struggle between the United States Securities and Exchange Commission (SEC) and Ripple Labs Inc. The cryptocurrency community is still surprised by this event, considering the recent market volatility that resulted in a significant decline in bitcoin values.
The said event was caused by the latest 30% tax policy on cryptocurrencies initiated by the United States Presidency. There have also been noticeable swings in the XRP derivatives market. Data from Coinglass indicates that open interest has significantly decreased, and a 9.93% fall has been noted.
On the other hand, trade volume has experienced a spectacular 115.13% increase, resulting in a dramatic jump. These changes, according to market speculators have been linked to the derivatives market, which has also reflected the increased interest and activity surrounding XRP following the most recent legal developments.
Analysis Links Native Trends to Investors Short-term Trading Strategy
Analysis of CoinGape says that these trades might be a sign of major investors strategically positioning themselves in anticipation of positive results in the SEC vs. Ripple dispute. Some speculate that it might be an attempt to profit from short-term trading chances during the volatility or a reaction to market emotions.
A cloud of doubt has been around XRP due to the continuing legal dispute between the SEC and Ripple Labs Inc. The SEC claims that by selling XRP tokens, Ripple engaged in an unregistered securities offering.
Investors and other cryptocurrency community stakeholders are anxiously awaiting the lawsuit’s verdict since it may greatly impact XRP’s regulatory status and future market performance. XRP’s negative trend today has affected the market, spiking speculation among the XRP community and compelling them to doubt the market’s potential to reach $1 anytime soon.
Investors are showing some emotion because the token rose significantly in the last few days before it dropped to $0.63 earlier today, forcing major investors to reconsider their investment strategy. However, the token’s derivative data has shown a mixed sentiment in the market.
Investor’s Fate Tired of the Ongoing Legal Process, Future Uncertain
The future of XRP is still unknown to stakeholders as they wait for more developments in the legal process. The regulatory decisions and market mood is widely believed to impact the cryptocurrency’s performance.
Data from Whale Alert shows that out of the three recent transactions that moved 67.39 million units of XRP in the last 24 hours, two displayed huge dumps to Centralized Exchanges (CEXs), while one showed a major acquisition from the Binance exchange. The total acquisition from Binance is recorded at 16.99 million units of XRP and initiated by wallet address “rhWj9gaovw…”
Data from Whale Alert said that the XRP recorded six huge transactions from whales in under 24 hours, and together, it has transferred 117.92 million units of XRP. Before now, XRP had a weekly rise of 18.30% and a monthly uptrend of 31.29%. The token continued with the same trend until it reached $0.7 before the sudden change in market movement.
Bitso and Bitstamp Records Highest Dump, XRP’s Price Drops Further
However, the dump on CEXs: Bitso and Bitstamp exchange were initiated by the wallet address “….Rzn.” The same wallet address had recorded similar transactions in previous times. Another dump set recorded on the Bitstamp exchange in recent times cumulated to 22.8 million XRP, valued at $15.21 million. The on Bitso amounted to 27.6 million XRP, valued at $18.6 million.
The dump rhymed with the XRP decline today after displaying an upward trend in the total coin supplied. As the accumulation trend continues, Whales are starting to have mixed feelings about the prospect of the XRP, considering their latest strategic investment countenance.
As of press time, the price of XRP trades at $0.6276, a 6.81% drop from yesterday. And with a market capitalization of $34,398,232,408, XRP had a 46.60% rise, representing $4,101,623,337 in trading volume.
DISCLAIMER: It's important to know that the stories on this blog are not meant to serve as, nor should it be construed as, advice in legal, tax, investment, financial, or any other professional context. You should only invest an amount that you are prepared to lose, and it's advisable to consult with an independent financial expert if you're uncertain. For more information, kindly consult the terms of service and explore the assistance and support areas provided by the issuing or advertising entity. Our website is dedicated to accurate and unbiased reporting, but it's important to note that market circumstances may change rapidly. Additionally, please be aware that some (but not all) articles on our site are sponsored or paid posts.
