In a thrilling turn of events, an XRP whale’s 27 million selloff appears to be birthing a tidal wave of speculations among crypto market enthusiasts across the globe as Ripple, the company behind XRP, faces a new class action suit in California. The mentioned whale transfer, surfacing soon after the news of Ripple’s new class action, garnered noteworthy attention as it contrasted with XRP’s price action today.

CoinMarketCap’s chart showcases a substantial pump for XRP as of press time, contrasting the whale’s massive transfer to a CEX and Ripple’s encounter with another regulatory hurdle. The derivatives data for the Ripple-backed token further showcases an uptrend in the market when aligned with XRP’s pump noted today. This curates additional inferences among crypto market traders and investors for XRP’s run ahead.

XRP Whale Activity Sparks Speculations

According to the data revealed by the blockchain tracker Whale Alert, a staggering 27 million XRP, worth $14.87 million, was shifted to Bitstamp, a Luxembourg City-based CEX. Furthermore, this transaction piqued additional interest as the wallet noted to be making this transfer, …Rzn, has previously been recorded, making similar such transfers. Following Ripple’s strategic stake acquisition in the above-mentioned CEX, these dumps to Bitstamp and similar dumps to Bitso emerged as a recurring phenomenon.

Intriguingly, this substantial dump to a CEX, increasing XRP’s supply in the market, has failed to push the prices down, as seen by XRP’s price pump today. This stirred a whirlpool of speculations among crypto market fanatics as Ripple, the firm backing XRP, faced a new setback in the Northern District of California.

A new class action suit accuses the San Francisco-based fintech company of violating federal and California securities laws by facilitating the sale of the digital asset XRP without the necessary registration.

Also Read: Crypto Prices Today: Bitcoin Nears $56K, Ethereum At 3,200 As PEPE Rallies 52%

XRP Price Springs

As of writing, the XRP price noted a 2.78% pump over the past 24 hours and is currently trading at $0.555. Notably, the token’s trading volume surged 97.19%, reaching $1.42 billion, whereas the market cap rose 2.75%, reaching $30.31 billion. This, when aligned with the 5.34% surge in open interest and the 186.87% pump in volume, per Coinglass‘ data, signals an uptrend in the market. However, today’s price action contrasts with the whale’s dump and Ripple’s class action encountered.

With the token’s positioning among the top 6 cryptocurrencies by global market cap, per CoinMarketCap’s data, investors and traders comprehend the worth and hype orbiting XRP. However, a substantial pump that bolsters this sentiment is much awaited by crypto market enthusiasts across the globe.

Also Read: Shiba Inu Sheds A Zero As Burn Rate Soars 60% Amid SHIB ETF Hype

The post XRP Whale Offloads 27 Mln Tokens As Ripple Tackles New Class Action appeared first on CoinGape.

---

Filed under: News - @ January 1, 1970 12:00 am