XRP Whale Issued 29 Million Tokens, Will the Price Drop Below $0.5?
Surprisingly, a massive transfer of approximately 29 million XRP tokens worth approximately $15 million from an unknown wallet to bitstamp has the crypto community on edge. Meanwhile, this heavy trading, combined with recent price fluctuations and the ongoing legal battle between ripple Labs and the SEC, has triggered speculation about the fate of XRP’s value.
While the digital asset is currently hovering around $0.51, market analysts are expecting a potential drop below $0.5, adding to widespread unease among XRP enthusiasts.
XRP Whale Moved 29 Million Tokens
According to the blockchain transaction tracking platform, Whale Alert, an unknown wallet (r4wf7….h4Rzn), transferred 28.75 million XRP tokens to Bitstamp. The transaction was valued at approximately $14.76 million, sparking speculation among crypto market enthusiasts as well as the XRP community.
Meanwhile, the recent decline in XRP’s value is attributed to the protracted legal battle between Ripple Labs and the US Securities and Exchange Commission (SEC). Despite the immediate rally following Judge Analisa Torres’ positive ruling, market watchers remain cautious, suggesting investors may be waiting for more legal clarity before re-entering the XRP market. This uncertainty, in particular, has contributed to XRP’s recent struggles by driving investors to explore alternative assets such as Bitcoin, Ethereum, and solana.
The XRP community’s anxiety was further exacerbated by significant sell-offs and notable whale movements on January 30, indicating increased market volatility. As parofix Media previously reported, Ripple’s recent transfer of 46 million XRP tokens has intensified the air of uncertainty surrounding the future course of XRP, raising concerns about an impending selloff.
Also Read: Bitcoin (BTC) Futures Claim Disaster as Investors Flock into ETFs
Price Performance and Market Dynamics
Pro-XRP lawyer Bill Morgan expressed concern over XRP’s sharp decline by sharing performance snapshots against BTC, ETH, and USD across different time frames. Despite the legal clarity gained after the July 13, 2023 decision, XRP was unable to sustain positive price movement, raising questions about the digital asset’s long-term value against major cryptocurrencies.
Morgan’s analysis, in particular, prompts critical scrutiny of whether the regulatory victory has failed to translate into a more solid market position for XRP, given its steady decline against BTC and ETH. However, in response to Morgan’s analysis, an
The sell-off, coupled with expectations for a post-litigation surge and attention shifting elsewhere, underscores the rapid narrative shifts in the crypto space, leaving many investors at risk of missing out on potential gains. As the XRP saga continues, the crypto community is watching closely, balancing regulatory developments, market dynamics and the ever-changing sentiments of investors in this roller-coaster ride of digital currency values.
Meanwhile, as of the time of writing, the XRP price was traded at $ 0.5101 with a 4.14% decrease in the last 24 hours, while the transaction volume in the last 24 hours increased by 94.83% to 1.76 billion dollars. It is worth noting that the token touched a high of $0.5352 and a low of $0.5051 in the last 24 hours.
However, despite the growing tension regarding XRP’s price performance, many analysts have suggested that XRP may gain momentum in the coming days. XRP lawyer John Deaton recently voiced his criticism of the SEC and SEC Chairman Gary Gensler.
This comes as the SEC moved to dismiss the contentious Debt Box lawsuit, which sought to avoid possible penalties for allegedly misleading the court about a restraining order and asset freeze against cryptocurrency company Debt Box.
Also Read: Robert Kiyosaki Criticizes Jerome Powell and Janet Yellen Amid Bitcoin Advocacy
✓ Share:
A seasoned professional with 3 years of experience in the financial market, Rupam has honed his skills as a meticulous research analyst and insightful journalist. She enjoys exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond traditional boundaries. His contributions include breaking news, examining AI-related developments, providing real-time crypto market updates, and providing insightful economic news. Rupam’s journey is marked by his passion to demystify the intricacies of finance and deliver impactful stories that will resonate with diverse audiences.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
#XRP #Whale #Issued #Million #Tokens #Price #Drop