XRP Whales Stocking Market as SEC Appeal Looms: What’s the Next Move?
XRP whales have once again made waves in the market with a substantial transfer of 95 million XRP, worth nearly $50 million, to Binance from an unknown wallet. This transfer, detected by WhaleAlert, has sparked discussions about the potential impact of large-scale movements on the price of XRP.
XRP Whale Activity
The early hours of Saturday saw a significant transaction involving an XRP whale, with an unknown wallet moving 95 million XRP to a Binance-tagged address. This occurred at 04:48 UTC, with XRP trading at $0.5229 per coin. This is not the first instance of large-scale transfers between these wallets; on August 29, a transaction of 60 million XRP was recorded from the same wallet.
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Analysis of the sending wallet’s history suggests a strong affiliation with Binance, given its activation by the exchange and the pattern of high-volume transfers to a Binance-tagged address. Whether these transactions represent internal reallocations or external movements remains a subject of speculation.
In addition to these transactions, 100 million XRP, valued at $54 million, was transferred from Ripple to an unidentified wallet. This transaction has garnered attention in the context of the Ripple vs. SEC lawsuit potential appeal. Furthermore, Judge Torres has granted Ripple’s request to delay the $125 million payment pending further clarity on the appeal in the case.
Market Trend and Performance
The ongoing movements by XRP whales continue to significantly impact market dynamics, influencing the stability of the Ripple token. With the XRP price experiencing volatility and nearing a critical support level around $0.50, the actions of whales are being closely monitored for signs of sustained selling pressure. As of the latest update, the XRP price has seen a noticeable dip to $0.5276, marking a 1.75% decrease over the last 24 hours.
Read Also: XRP to Skyrocket 9,355% to $50 in Just a Few Months, Incredible Power Law Analysis
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