The United States Securities and Exchange Commission’s (SEC) final court decision regarding Ripple and its response to the latest appeal has brought the movements of XRP whales into the spotlight of the cryptocurrency world. Information from Whale Alert, a platform that detects and publicly shares large transactions on blockchains, indicates that whales have transferred over 300 million XRP in the last 24 hours. These transfers coincided with a significant drop in the price of XRP and led to speculation about the future price trajectory of the altcoin.
Whales Take Action After SEC’s Move
Ripple has entered a period of stagnation compared to the general cryptocurrency market since it began a legal battle with the SEC. However, the SEC’s final appeal for a decision regarding Ripple has intensified interest in XRP’s price movements, particularly following significant transactions by whales.
Recent data provided by Whale Alert points to three significant transactions involving the transfer of 301.8 million XRP, worth a total of 191.11 million dollars. These transactions consist of a famous XRP whale moving coins to centralized exchanges (CEXs) and a large transfer between unknown wallets. The transactions indicate mixed sentiment among whales, pointing to both sales and on-chain transfers.
The timing of these transactions, occurring shortly after the SEC’s appeal for a final decision against Ripple, has fueled speculation about the future of XRP amidst the ongoing legal dispute. The SEC’s request includes significant penalties and injunctions against Ripple, contributing to the uncertainty surrounding the altcoin’s regulatory status.
The Downtrend Continues
As a result of these developments, XRP’s price has fallen by 2.52% in the last 24 hours, trading at 0.6299 dollars at the time this article was prepared. The decline in market value and trading volume reflects investor sentiment surrounding XRP, which is worsening due to the legal uncertainties involving Ripple and the SEC.
The correlation between XRP’s price movements and the legal proceedings between Ripple and the SEC underscores the impact of regulatory uncertainty on the cryptocurrency market.
