Ripple Labs and the SEC continue their ongoing battle, with new developments emerging. Crypto investors are closely monitoring these developments, and a recent large-scale transfer of XRP by a whale may indicate preparations for a possible negative outcome. To avoid drawing attention, the whale transferred a significant portion of their XRP holdings to multiple wallets. The reasons behind this transfer have raised questions among investors.
Current Situation of XRP
According to a tweet from Whale Alert, a popular crypto transaction tracking app, a whale transferred 26.8 million XRP tokens worth $14.24 million to the Bitstamp exchange. This transaction has sparked rumors of a potential sell-off in the market.
Transfers of cryptocurrencies to exchanges often indicate that investors intend to sell their holdings. Conversely, when cryptocurrencies are moved away from exchanges, it may indicate that investors are storing their assets securely.
Following the $14 million transaction, another significant transfer took place. Another whale transferred 20.4 million XRP tokens worth $10.83 million to the Bitso exchange.
XRP Price and Recent Developments
An incredible event occurred on October 3rd. Judge Analisa Torres, who presides over the major lawsuit, took another significant step after her summary judgment in July 2023. This decision, which dealt another blow to the SEC, was the denial of the appeal request.
Following this event, there seems to be an increase in the confidence of small investors. Additionally, on the same day the SEC’s request was denied, news came from Singapore. Ripple’s subsidiary achieved another milestone.
The company made a significant decision with the Monetary Authority of Singapore, granting temporary approval for a Major Payments Institution (MPI) license. This milestone was reached after a four-month process, and Ripple’s subsidiary is now authorized to provide digital payment token services in Singapore under the full MPI license.
Looking at the XRP price, it experienced a 1.94% decrease in the last 24 hours. At the time of writing, it was trading at $0.523. The daily trading volume stood at $1.01 billion, representing a 38.47% decrease.
