Cointelegraph Team
Cointelegraph
As XRP struggles to maintain upward momentum following Judge Torres' summary judgment in the US SEC v. Ripple Labs case that XRP $0.51 isn't a security, investors appear to be selling off their holdings. Adding to this, a significant whale has moved 29 million XRP, valued at over $15 million, to a crypto exchange amid a price decline approaching the support level.
Whale Alert posted on Aug. 24, that a large holder transferred 29,300,000 XRP worth $15.13 million to Bitstamp exchange. Additional information suggests the possibility that this whale might be selling its XRP assets, as it had previously moved 14 million XRP to Bitso just a few hours earlier.
The decision by Judge Torres to permit the U.S. Securities and Exchange Commission (SEC) to submit an interlocutory appeal regarding XRP token sales had a significant impact, triggering a notable market downturn. This led to a sharp decline in the XRP price, breaching crucial support levels of $0.6 and $0.5.
29,300,000 #XRP (15,130,884 USD) transferred from unknown wallet to #Bitstamphttps://t.co/DhcHkKNdzc
— Whale Alert (@whale_alert) August 24, 2023
Presently, the XRP price is recovering from the support level at $0.5, but there exists a substantial risk of a significant drop if traders and whales opt to liquidate their holdings.
In the meantime, the trial between Ripple and the SEC is anticipated to occur around the end of April or mid-May. This timing aligns with the court notification from both the SEC and Ripple Labs, along with CEO Brad Garlinghouse and executive chairman Chris Larsen, who cited their unavailability in the second quarter of 2024. In response, the XRP price experienced a rebound; however, the bullish momentum was not sustained.
Related: SEC v. Ripple: Attorneys leave SEC side, both groups add new lawyers
Over the past 24 hours, the value of XRP declined by over 3%, currently trading at $0.51. The price fluctuated between $0.510 and $0.528 within this period. Additionally, the trading volume has witnessed a decrease in the past 24 hours.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
Recommended Content
Editors’ Picks
Three Arrows Capital demands $1.5B increase in the FTX lawsuit
Liquidators managing Three Arrows Capital's (3AC) bankruptcy have filed a motion to raise their claim against FTX from $120 million to $1.53 billion. Bloomberg reports that FTX allegedly liquidated and seized around $1.33 billion in assets from the hedge fund to settle debts just two weeks before 3AC’s collapse.
Missing crypto influencer Kevin Mirshahi found dead in Montreal Park
Authorities report that the remains of Kevin Mirshahi, a prominent crypto influencer who was abducted in June, have been found in a Montreal park. Local police informed “The Gazette” that a passerby found the grim discovery on October 30 in Île-de-la-Visitation Park.
XRP struggles near $0.7440, could still sustain rally after Robinhood listing
Ripple's XRP open interest has declined by over 10% in the past 24 hours. Robinhood's listing of XRP could serve as a catalyst for renewed demand. XRP continues to struggle near historically strong resistance after sustaining another rejection at $0.7440.
Dogecoin price forecast: Miners offload $240M as DOGE approaches risk zone
After reaching a three-year peak of $0.43 on November 12, Dogecoin price wobbled 13% to find support at the $0.38 level on Wednesday. Miners capitalized on Trump’s recent D.O.G.E confirmation statement to offload 620 million DOGE in the last three days.
Bitcoin: Further upside likely after hitting new all-time high
Bitcoin hit a fresh high of $76,849 on Thursday as crypto-friendly candidate Donald Trump won the US presidential election. Institutional demand returned with the highest single-day inflow on Thursday since the ETFs’ launch in January.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.