XRP whales have moved a substantial amount of XRP in response to the recent developments in the SEC‘s case against Ripple 
$1. The SEC has decided to appeal Judge Analisa Torres’ final ruling in the case. This on-chain activity has led to a negative impact on XRP’s market price.
SEC Appeals in Ripple Case
According to blockchain transaction tracker Whale Alert, three major XRP whale transactions occurred in the last 24 hours, involving over 153 million coins. Two of these transactions were movements to cryptocurrency exchanges, while one occurred between unknown wallets.
As a result of the SEC’s appeal and the whale activity, XRP’s price has dropped by approximately 1% in the past 24 hours. Currently, XRP trades at $0.5267, with daily low and high levels at $0.5101 and $0.5386, respectively. The trading volume has also decreased by 33%, falling to $1.96 billion.
Impact of Whale Activity
Interest in XRP futures markets has also diminished. Data from Coinglass shows that the open interest in XRP futures has decreased by 7%, dropping to $679.21 million. A 42% decline has been observed in derivatives volume. XRP supporter attorney Bill Morgan noted, “The SEC’s appeal represents a significant setback for the community, coinciding with the potential onset of a new bull market.”
Morgan also pointed out that the possibility of Ripple filing a counter-appeal remains high. Additionally, he mentioned that the SEC has yet to submit Form C to the Second Circuit, which would clarify what the regulator is appealing.
Market experts indicate that the SEC’s appeal in the Ripple case has created uncertainty regarding the future of XRP. It is advised that market participants closely monitor these developments and adjust their strategies according to market fluctuations.
