XRP Whales Move 300 Million Coins Amid SEC Call for Final Decision on ripple
In an intriguing development, following the US SEC’s (Securities and Exchange Commission) recent call to Judge Analisa Torres regarding the final ruling on Ripple, XRP whales appear to be on the move, shifting a massive amount of tokens in the last 24 hours. The information uncovered by blockchain tracker Whale Alert highlighted more than 300 million XRP coins transferred and caught the attention of investors, especially as the token fell today. This has fueled speculation on the global crypto horizon as the market seems quite optimistic about the potential of XRP to hit $1 soon.
Since Ripple got into a legal battle with the US SEC, XRP has traded rather slowly in the broader crypto market. Now, with the US regulator making a final call on Ripple, the aforementioned massive move by whales has stirred up a maelstrom of inferences about XRP’s upcoming price action.
More than 300 Million XRP in Motion: A Deeper Dive
According to Whale Alert’s insights, the three large transactions were collectively attributed to the exchange of 301.8 million XRP worth $191.11 million. Two of these transactions showcased a famous XRP whale dropping on CEXs, while the remaining transaction showcased a massive transfer of XRP between unknown wallets.
250 million. Interestingly, these transactions reflected mixed feelings among the whales; offloading between wallets and on-chain transfers were conducted at hand.
This sparked a wave of speculation, with the transactions surfacing shortly after the SEC filed for final judgment against Ripple. As parofix previously reported, this decision includes permanent injunctions, damages and prejudgment interest, and fines of approximately $2 billion.
Meanwhile, the Ripple-backed token has again made a slow comeback, in line with the uncertain regulatory climate between the two entities, Ripple and the US SEC.
Also Read: Crypto Prices Today, March 27: Bitcoin at 70,000, Ethereum Below $3600, XRP and pepe in Decline
XRP Price Slips
As of press time, the price of the XRP token has fallen by 2.52% in the last 24 hours and is currently trading at $0.6299. With the decline in market cap and 24-hour trading volume falling by 2.42% and 12.23%, XRP has trended downward in the broader crypto market.
As seen before, the decline in XRP is primarily attributed to the ongoing litigation between Ripple and the US SEC. Today’s decline, following yesterday’s objection from the US regulator, further reflected the consequences of the legal disparity between the two. Meanwhile, with giant whales moving in sync, crypto market enthusiasts expect price movements to change in the future.
Also Read: Daily Inflows into Bitcoin ETF Reach Above $400 Million, Fidelity Leads
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