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Following the latest development in the SEC vs. Ripple case, Ripple (XRP) is drawing significant interest in the broader crypto markets. A notable whale in the crypto markets is transferring a large amount of XRP tokens to a CEX, potentially causing volatility in the token’s price performance.
Major Transfer in Ripple
Recent data reveals that this famous XRP whale transferred approximately 32 million XRP to an exchange in the last 24 hours. This has sparked a wave of speculation about the future price movements of the Ripple Labs-supported token. According to Whale Alert, the whale once again moved large amounts of XRP to Bitstamp, a Luxembourg City-based CEX. Specifically, 31.8 million XRP worth $16.87 million was transferred in the last 24 hours.
This transfer led to speculation due to the contradictory nature of the transaction amidst optimistic rumors of FIT21. The acceptance of the FIT21 crypto bill emerges as optimistic news for the Ripple community, providing clarity on which cryptos should be classified as securities.
However, the US SEC applied to oppose Ripple’s request to seal important documents in Judge Torres’ resolution briefing. Collectively, these developments added further activity to the purpose of the XRP whale transaction. Moreover, this XRP whale’s transactions have recently emerged as a recurring phenomenon in the global crypto world.
Investor Interest in Ripple
The XRP token recorded a 2.05% drop in price in the last 24 hours, currently trading at $0.5274. Coinglass’s derivative data also revealed a bearish trend among investors towards the token. XRP’s open interest in futures fell by 0.26% to $617.99 million, and its derivative volume dropped by 3.79% to $526.51 million. This highlighted a decrease in investor interest in the token.
However, the RSI hovered around 50, indicating that the altcoin is neither overbought nor oversold. Combined with the aforementioned developments, these data kept crypto analysts and investors on alert, signaling uncertain movements for the token ahead.
