The XRP community is reeling from a whale’s potential sale of XRP valued at $14.87 million. This transfer has attracted attention, particularly as Ripple, the company behind XRP, faces a new legal challenge in California. Despite the whale transferring a large amount of XRP to a central cryptocurrency exchange (CEX), the altcoin’s price experienced a significant price increase.
Whale Moves 27 Million XRP to Bitstamp
According to Whale Alert, which detects and publicly shares significant movements on blockchains, a crypto whale has moved 27 million XRP worth $14.87 million to Bitstamp, a leading CEX based in Luxembourg.
The transfer from the Rzn wallet address is being associated with similar transactions following Ripple’s strategic share buyback at Bitstamp and Bitso, causing speculation among market observers.
Despite the increase in XRP supply caused by the whale’s transfer to Bitstamp, the altcoin’s price was seen to rise within the day. This unexpected price movement has fueled speculation among cryptocurrency enthusiasts, especially as Ripple continues to face legal hurdles with the new class-action lawsuit opened in the Northern District of California. The lawsuit alleges that Ripple facilitated the sale of XRP without proper registration, violating federal and California securities laws.
Price Rises Despite New Lawsuit and Whale Transfers to CEXs
Despite the recent lawsuit against Ripple and ongoing whale transfers to CEXs, XRP’s price has risen by 2.78% in the last 24 hours, reaching $0.555. Along with the price, the trading volume also increased, reaching $1.42 billion. Moreover, XRP’s market value has surpassed the $30 billion threshold.
The positive outlook has further strengthened the bullish trend for XRP. Derivative data from Coinglass shows a 5.34% increase in the altcoin’s open interest, signaling a renewed interest in XRP. Currently, XRP ranks 6th among the top 10 cryptocurrencies by total market value.
