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After the US House of Representatives voted on the “Financial Innovation and Technology Act for the 21st Century” (FIT21), a large XRP transaction by a whale caught the attention of the entire cryptocurrency world. These transactions, occurring alongside the approval of the US’s first major cryptocurrency law, sparked discussions both within the altcoin community and the broader crypto world.
Significance for Ripple – SEC Case
XRP supporter lawyer Bill Morgan emphasized that Judge Torres’s influence on FIT21 could be very significant for the Ripple – SEC case. The bill stipulates that certain cryptocurrencies sold under an investment contract should not be classified as securities solely because they are sold or transferred under such a contract.
This development could potentially change the dynamics of the ongoing Ripple – SEC legal battle and significantly contribute to the speculative nature of the market.
According to Whale Alert, a leading XRP whale transferred a total of 50.78 million XRP to the centralized exchanges Bitstamp and Bitso. In the first transaction, 29.14 million XRP were transferred to Bitstamp, while in the second transaction, 21.64 million XRP were transferred to Bitso from the same wallet address. Despite positive news for Ripple, these large sales of XRP attracted market attention.
Current Status of XRP
With current data, XRP’s price fluctuated in both red and green zones, trading at $0.528 with a 0.96% drop in the last 24 hours. The trading volume also dropped by 37.07% to $1.12 billion in the last 24 hours, indicating downward pressure. Additionally, the Open Interest (OI) in futures and options fell by 1.18% to $620.54 million, while the derivatives trading volume decreased by 40.73% to $866.15 million, reinforcing negative sentiment among investors.
However, the Relative Strength Index (RSI) for XRP stood at 51, indicating a neutral market outlook. This neutral view leaves room for both bullish and bearish forces to influence the future direction of the altcoin despite the optimism stemming from the FIT21 act.
