XRP whales have moved a substantial amount of coins following Ripple 
$1 co-founder Chris Larsen’s XRP sale. Approximately 430 million XRP has been transferred, with the price of XRP continuing to consolidate below the $0.60 level. These large-scale transactions have made a significant impact in the cryptocurrency world.
Large XRP Transfers
According to Whale Alert, XRP whales transferred 431.08 million coins to various exchanges and unknown wallets within the last 24 hours. These transfers occurred after Chris Larsen sold a substantial amount of XRP. The transactions include accumulation sales and transfers to other unknown wallets.
It was reported that 30 million coins were moved from Bybit to the raQxZL address, and 17.23 million XRP were sold to Bitstamp. Additionally, 383.85 million XRP were transferred from the r4Sa1S5pip… address to rKUhycGCu1… address.
XRP Price Performance
While XRP’s price remains below $0.60, it briefly increased by 0.07% to reach $0.5881. The daily low and high were recorded at $0.5824 and $0.5949, respectively. The trading volume of the Ripple-backed asset increased by 19%, reaching $1.07 billion.
XRP appears to be facing resistance at the $0.60 level and is currently in a consolidation phase. Data from Coinglass indicates that XRP’s open interest in futures increased by 0.7%, reaching $745.55 million, while derivative volume rose by 15.52% to $869.62 million.
Regulations and Upcoming Developments
In the final stages of the Ripple case, the deadline for the SEC’s appeal is set for October 7, 2024. Former SEC attorneys Marc Fagel and James Farrell expect the regulatory body to file an appeal. Legal battles are anticipated to continue for the XRP community.
The XRPL is preparing for a significant update aimed at increasing the distribution of RLUSD on the network. Both bullish and bearish developments lead to uncertain speculation regarding the asset’s future price. A Ripple representative stated, “Chris Larsen’s XRP sale has caused notable movements in the markets.”
Community Reactions
The cryptocurrency community has expressed various opinions following the large XRP transfers and Chris Larsen’s actions. It is suggested that these developments may influence XRP’s short-term price movements.
Technological Developments
Updates to XRP’s technological infrastructure aim to enhance the network’s performance. Increasing the distribution of RLUSD will contribute to more efficient operation within the ecosystem.
These significant movements in the XRP market and ongoing legal processes are among the critical factors capturing investors’ attention. Future price movements will likely depend on how these factors interact.
