In a significant move that has stirred speculation in the cryptocurrency community, XRP whales have transferred a staggering 81 million coins, coinciding with Ripple’s recent cross-appeal in its ongoing lawsuit against the U.S. Securities and Exchange Commission (SEC).
Whale Activity Sparks Concern
Recent data from blockchain tracking platform Whale Alert reveals that XRP whales offloaded 81.56 million coins to cryptocurrency exchanges on October 11. Notably, a single unidentified whale address transferred 52 million coins—valued at approximately $27.83 million—to the exchange Bybit. Another address moved 29.56 million coins, worth around $15.62 million, to Bitso. These substantial movements are causing apprehension among investors, as they occur in tandem with Ripple’s optimistic legal developments.
Ripple’s Legal Strategy
Ripple’s recent legal filing, which includes a cross-appeal against the SEC regarding the final judgment of their lawsuit, aims to reinforce its position as a leading blockchain payments company. This legal maneuver has led to contrasting sentiments in the market, with the whale movements creating a bearish outlook despite Ripple’s legal efforts.
Adding to the legal landscape, cryptocurrency derivatives exchange Bitnomial has also taken legal action against the SEC, challenging the regulator’s jurisdiction over XRP futures contracts. These developments indicate a potentially favorable legal environment for Ripple and its cryptocurrency.
Price Performance of XRP
Despite the whale sell-offs, XRP has managed to gain momentum, appreciating by 1% over the past 24 hours and trading at $0.5357 at the time of writing. The intraday trading range saw a low of $0.5239 and a high of $0.5432. This price increase reflects a sense of optimism surrounding Ripple’s cross-appeal filing, even amidst the significant whale dumps.
Additionally, data from Coinglass shows that XRP’s futures open interest (OI) surged nearly 4% to $711.55 million, while derivatives trading volume experienced a remarkable increase of 85%, reaching $1.30 billion. This uptick in trading activity suggests a growing interest in XRP among investors, potentially bolstering its long-term outlook.
Final Thoughts
As the XRP community observes these developments, the juxtaposition of substantial whale movements and Ripple’s strategic legal actions presents a complex picture for the cryptocurrency. While the sell-offs by whales might signal caution, the positive price momentum and increasing investor interest indicate that XRP may still hold promise amidst the ongoing legal battles with the SEC.
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