As XRP grapples with sustaining its positive trajectory after Judge Analisa Torres ruled it’s not a security in the U.S. SEC vs. Ripple Labs case, investors seem to be divesting. This situation further intensified when a prominent XRP holder, or ‘whale’, shifted a staggering 29 million XRP, equivalent to over $15 million, to a crypto exchange just as the price neared its support threshold.
Major Movements
On August 24, Whale Alert reported a hefty transfer of 29.3 million XRP, totaling $15.13 million, to the Bitstamp exchange. Additional data hints at the whale potentially offloading their XRP, considering they had also relocated 14 million XRP to Bitso mere hours before.
Market Reactions
Judge Torres’ decision, allowing the U.S. SEC’s interlocutory appeal concerning XRP sales, sent ripples through the market. This ruling precipitated a rapid fall in XRP’s value, shattering significant support markers at $0.6 and $0.5. Currently, XRP is attempting to rebound from the $0.5 support, but there’s looming danger of a more profound drop if traders and these ‘whales’ decide to sell.
Anticipating the Ripple vs. SEC Trial
The legal showdown between Ripple and the SEC is expected either late April or by mid-May. This estimate coincides with court communications from both Ripple Labs and the SEC, also noting the unavailability of Ripple’s CEO Brad Garlinghouse and Executive Chairman Chris Larsen in 2024’s second quarter. Following this, XRP’s price saw a short-lived surge, but the bullish energy quickly faded.
At present, XRP’s value has slipped over 3% in the last day and stands at $0.51. Its price oscillated between $0.510 and $0.528, with trading volume also experiencing a dip.
