Amid a glimmer of hope in XRP’s price trajectory, recent whale activities have set the cryptocurrency market abuzz. The transfer of over 180 million XRP tokens in a series of transactions has sparked speculation, coinciding with a pivotal moment in the ongoing legal saga between Ripple Labs and the Securities and Exchange Commission (SEC). Meanwhile, the transfers, amid the latest development in the Ripple lawsuit have sparked speculations over its potential impact on the XRP price.

XRP Whale’s 180 Mln Transfer Sparks Speculations

The XRP crypto has once again captured the attention of investors amid a modest recovery in its price. However, recent massive XRP transactions by whales have stirred discussions within the cryptocurrency market.

In tandem with the resurgence in XRP’s momentum, whales have orchestrated four transactions involving over 180 million XRP. Whale Alert, an on-chain transaction tracking platform, reported significant movements, including a transaction by an unknown whale accumulating 26.67 million XRP from Binance. Notably, this latest accumulation from the leading crypto exchange has sparked optimism in the market over a potential recovery in the XRP price.

Meanwhile, in another notable transaction, 100 million XRP shuffled between two unknown wallets, fueling speculation, especially amid the latest development in the Ripple Vs. SEC lawsuit. On the other, an unidentified whale shifted 27.43 million XRP to Bitstamp, raising questions over the XRP’s future trajectory.

Simultaneously, the same XRP whale, identified by the wallet address r4wf7…h4Rzn, has once again transferred 29.74 million XRP, worth $15.76 million, to Bitso exchange. Notably, the whale has also made significant XRP transfers this week, sparking speculations over the motive behind the transfers.

Meanwhile, speculation soars regarding these transactions, with interpretations ranging from strategic sell-offs to Ripple’s liquidity management strategy, given its ties with Bitstamp. The intertwined relationship between Bitstamp and Ripple in cross-border payments further complicates the analysis, as Ripple often employs XRP transfers for global fund transfers.

Also Read: Dogecoin Whales Move 456 Mln DOGE To Coinbase, Price At Risk?

Judge Issues New Order In Ripple Lawsuit

Amid the series of significant XRP transfers, a pivotal development unfolds in the ongoing legal battle between Ripple Labs and the Securities and Exchange Commission (SEC). Magistrate Judge Sarah Netburn has issued a scheduling order on Ripple’s request to drop the SEC’s recent expert submissions. 

Meanwhile, the order grants the SEC an extension until April 29, 2024, to submit their reply, with Ripple having three business days to respond thereafter. Notably, Judge Netburn’s recent nomination as District Judge in the Southern District of New York underscores her continued oversight of the Ripple vs. SEC case. 

However, it’s worth noting that Judge Netburn’s impartial rulings, perceived favorably by the crypto community, maintain the integrity of the legal process amid the evolving landscape of crypto regulations.

As of writing, the XRP price was up 1.05% and traded at $0.5320, while its one-day trading volume fell 12.74% to $1.31 billion. However, despite the heightened volatility in the crypto market recently, the crypto has managed to add over 6% over the last seven days.

Also Read: Pantera Capital to Raise $1 Billion Capital For Its New Crypto Fund

The post XRP News: Whales Shift 180M XRP As Judge Unveils New Order In Ripple Lawsuit appeared first on CoinGape.

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