Significant whale transactions of over 53 million XRP have sparked speculations on its impact on the XRP price, especially ahead of the SEC’s deadline in the Ripple lawsuit. By Rupam Roy 4 hours ago Updated 3 hours ago
Story Highlights
- XRP price dips amid a broader crypto market selloff and a significant whale move.
- Speculation arises over the motive behind the whale’s large XRP transfer.
- The SEC is expected to file its reply in the Ripple case later today.
Amid the ongoing turbulent day for the major cryptocurrencies, the XRP price has taken a 4% dip alongside a broader market selloff. Yet, amid this downturn, the two significant transfers of XRP by the unidentified whales have raised eyebrows, especially given its timing just ahead of the SEC’s filing deadline in the Ripple lawsuit case. So, let’s take a closer look into the latest development and see what lies ahead for the XRP crypto.
Whale Transactions Spark Speculation
A recent whale transaction involving the transfer of 30.53 million XRP, worth approximately $15.92 million, to Bitstamp, has triggered speculation within the cryptocurrency community. This substantial movement of XRP coincides with mounting uncertainty surrounding the ongoing legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC).
Meanwhile, the market participants seem to be divided in their interpretations, with some viewing it as a strategic selloff maneuver by concerned whales anticipating legal repercussions, while others suggest it might be part of Ripple’s broader liquidity management strategy.
In other words, the close proximity of this transaction to previous large-scale transfers to Bitstamp by the same XRP whale intensifies the speculation surrounding its motives. Notably, Ripple’s collaboration with Bitstamp on cross-border payments further complicates the analysis, as XRP transfers play a crucial role in facilitating seamless global fund transfers.
However, in another transfer, a whale has accumulated 23.03 million XRP, worth around $11.55 million, from Binance. Notably, the massive accumulation by the whale “rarG6…2bZKk” also reflects the growing confidence of the traders towards the crypto, especially ahead of the anticipated major development in the XRP lawsuit.
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Meanwhile, as market experts attribute XRP’s recent price slump to broader market trends and anticipation surrounding the SEC’s next move, investors are closely monitoring developments in the lawsuit. Besides, the whale “r4wf7….h4Rzn”, who conducted the latest transaction, has also seen to move of a substantial amount of XRP to these centralized exchanges (CEX) in recent days, which has further fuelled discussions.
Legal Battle Heats Up Amid Declining Price
While cryptocurrency markets remain volatile, the legal battle between Ripple and the SEC has entered a critical phase. Magistrate Judge Sarah Netburn’s recent scheduling order granted Ripple’s request to disregard the SEC’s expert submissions.
However, the SEC has been granted an extension until today, i.e. on April 29, 2024, to file their reply, with Ripple giving three business days to respond after that. Notably, this extension underscores the complexity and significance of the legal proceedings, which continue to influence investor sentiment and market dynamics within the cryptocurrency ecosystem.
Meanwhile, the XRP price fell 4.48% and traded at $0.5011 during writing, while its trading volume rose 33.42% to $795.94 million over the last 24 hours. The recent losses have wiped off nearly 7% in its price over the last seven days, while on a monthly basis, it has plunged about 20%.
