In a riveting turn of events, following the U.S. SEC’s (Securities and Exchange Commission) recent appeal to Judge Analisa Torres surrounding a final judgment on Ripple, XRP whales appear to be on the move, shifting colossal amounts of tokens in the past 24 hours. Insights revealed by the blockchain tracker Whale Alert spotlighted over 300 million XRP shifted, nabbing significant investor attention as the token plunged notably today, fueling speculations across the global crypto horizon.

Ever since Ripple embarked upon a legal tussle with the U.S. SEC, XRP traded quite sluggishly within the broader crypto market. Now, with the U.S. regulatory body appealing for a final call on Ripple, the abovementioned colossal move by whales has stirred a whirlpool of inferences on XRP’s price action ahead.

Over 300 Mln XRP On The Go: A Deeper Dive

According to Whale Alert’s insights, three massive transactions collectively attributed to the shifting of 301.8 million XRP, worth $191.11 million. Two of these transactions showcased a renowned XRP whale’s dump to CEXs, whereas the remaining transaction showcased a colossal transfer of XRP between unknown wallets.

250 million XRP, worth $158.38 million, was shifted between unknown addresses, whereas the wallet address, …Rzn, previously recorded for similar transfers, moved 28.4 million coins, worth $17.95 million, to Bitso and 23.4 million coins, worth $14.78 million, to Bitstamp. Intriguingly, these transactions illustrated a mixed sentiment among whales, with offloading and on-chain transfers between wallets running in hand.

This sparked a tidal wave of speculation, as the transactions emerged soon after the SEC filed for a final judgment against Ripple. This judgment includes permanent injunctions, disgorgement and prejudgment interest, and civil penalties of nearly $2 billion, as CoinGape reported earlier.

In the interim, the Ripple-backed token again took a sluggish turn, aligning with unclear legal air between the two entities, Ripple & the U.S. SEC.

Also Read: Crypto Prices Today March 27: Bitcoin At 70K, Ethereum Below $3600, XRP & PEPE Plunge

XRP Price Slips

As of writing, the XRP token’s price has dropped 2.52% in the past 24 hours and is currently trading at $0.6299. With a plunge in market cap and a decline in 24-hour trading volume of 2.42% and 12.23% today, XRP took a bearish turn within the broader crypto market.

As seen previously, the XRP slump comes primarily attributed to the ongoing lawsuit between Ripple & the US SEC. Following yesterday’s appeal by the U.S. regulatory body, today’s slump further mirrored the consequences of legal disparity between the two. Meanwhile, with massive whales on the move simultaneously, crypto market enthusiasts expect price action shifts ahead.

Also Read: Bitcoin ETF Daily Inflows Jump Back Above $400 Million, Fidelity Leads

The post XRP Whales Move 300 Mln Coins Amid SEC’s Appeal For Final Judgement On Ripple appeared first on CoinGape.

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