Ripple Gearing Up For a Huge $125M Move, Whales Are Offloading Their Holdings
XRP whales have been in the spotlight once again, as they have offloaded a substantial amount of tokens in anticipation of Ripple’s $125 million settlement with the SEC. Recent on-chain data reveals large transfers of approximately 114 million XRP to centralized exchanges, causing concerns among market participants. As a result, the price of XRP has seen a significant downturn due to the massive sell-off, sparking speculation about potential future price movements.
XRP Whale Activity in CEX
According to insights from Whale Alert, a blockchain transaction tracker, XRP whales dumped 114.34 million coins to centralized exchanges over the past day. Specifically, 54.34 million XRP was moved to exchanges Bitstamp and Bitso, with the renowned Ripple whale address …Rzn being the source of the dump transactions.
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Simultaneously, on August 29, the address rPz2.. dumped a substantial 60 million coins, valued at $34.19 million, to Binance, a major cryptocurrency exchange. These transactions, indicating increased selling pressure on the asset, align with the token’s recent price action decline.
With only 9 days left for Ripple to pay the $125 million settlement as a part of Judge Analisa Torres’ final decision in the SEC lawsuit, these transactions have garnered additional attention. Moreover, cryptocurrency enthusiast ‘JackTheRippler’ has indicated that the settlement is set to occur within 9 days, adding another layer of intrigue to the XRP whale transactions.
In addition, the SEC’s lawsuit against NFT marketplace OpenSea has raised questions, with Ripple CLO Stuart Alderoty suggesting that the regulatory body might face another loss if it proceeds with its crackdown. Meanwhile, XRP’s price today traded in the red, consistent with the substantial dumps and broader market movement.
Price Action and Market Performance
At the time of writing, XRP price experienced a 4.22% decline to trade at $0.5487. The coin’s 24-hour low and high were $0.5754 and $0.5488, respectively. The downward price movement aligns with the significant XRP whale dumps mentioned earlier. Furthermore, the broader crypto market exhibited sluggish movement on the same day.
However, the long-term outlook for the coin appears bullish. Notably, crypto analyst Egrag has predicted an optimistic target of $27 for XRP price, attributed to the coin’s breach of the $0.75 resistance level as per Fibonacci analysis.
Additionally, another XRP price analysis indicated an impending uptrend for the token, citing Ripple’s recent legal actions alongside bullish on-chain metrics. Market participants continue to closely monitor the coin, anticipating further price action shifts in the future.
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Dr. Olajide Samuel juggles the demands of medical studies with a passion for cryptocurrency. A seasoned blogger, Olajide shares his vast global knowledge of the crypto space, offering insights to enthusiasts. Despite his busy schedule, his commitment to crypto remains strong, and he actively seeks ways to contribute to its future.
