XRP Whale Transfer 73 Million Tokens Amid Speculation About Ripple’s Broad Appeal, What’s Happening?
In a recent update, the XRP market experienced significant activity on Thursday as XRP whales transferred millions of coins amidst growing speculation of a potential cross-appeal by Ripple against the U.S. SEC. Recent on-chain data revealed a transfer of nearly 73 million XRP within a 24-hour period, sparking discussions among market participants.
XRP Whale Transaction
According to data from the blockchain tracker Whale Alert on October 10, a total of 73.16 million XRP was transferred by XRP whales during the previous day. A notable address ending with “..Rzn” offloaded 21.16 million coins, valued at $11.05 million, to the exchange Bitso. Subsequently, an address identified as 0xf7788124 acquired a significant amount of 52 million XRP, worth $27.37 million, from the top crypto exchange Bybit.
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This substantial activity, coupled with the rising speculation of a cross-appeal by Ripple, has captured global investor attention. MetaLawMan’s recent analysis suggests that XRP sales to institutions were not investment contracts. Drawing parallels with wholesalers, the analysis argues that the token’s sales to institutions at prices lower than retail exchanges are validated as non-investment transactions related to the American blockchain payments company. The analysis further suggests that institutions acquired the cryptocurrency at a discounted price, emphasizing that there are alternative investment opportunities available in the market.
These insights have contributed to a global fervor, indicating a heightened possibility of Ripple filing a cross-appeal. Additionally, the prospects of an XRP ETF have gained traction recently, further fuelling investor enthusiasm for the asset alongside the significant XRP whale activity. A reported that despite regulatory challenges, Canary Capital filed for an XRP ETF with the SEC.
Price Action and Market Trend
Meanwhile, the price of XRP has experienced notable volatility in line with the broader market trend. XRP traded at $0.5266, reflecting a nearly 1% decline over the past 24 hours, with intraday lows and highs of $0.5219 and $0.5333, respectively.
The market volatility follows the SEC’s recent filing of a notice of appeal, targeting Judge Analisa Torres’s ruling that required the American payments firm to pay the regulator $125 million in fines. The appeal also addresses the ruling on securities sales to institutions. As Ripple prepares for a potential cross-appeal, market observers anticipate a shift in market sentiment for the native coin.
XRP Market Performance
Furthermore, data from Coinglass indicated a 0.07% decrease in XRP futures open interest to $685.29 million, while derivatives volume declined by nearly 8% to $704.12 million. Despite the significant XRP whale activity and recent lawsuit developments, investor concerns persist. Crypto market enthusiasts continue to monitor the cryptocurrency for further price action shifts.
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Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.
