Investors appear to be dumping their holdings as XRP struggles to sustain its gains after Judge Torres issued a summary judgment in the U.S. SEC v. Ripple Labs case, ruling that XRP is not a security. In addition to this, a whale has moved 29 million XRP (worth over $15 million) to cryptocurrency exchanges amid a price drop close to support.
whale alert release On August 24, a large holder transferred 29,300,000 XRP worth $15.13 million to the Bitstamp exchange.Additional Information suggestion The whale may be selling its XRP holdings, as it transferred 14 million XRP to Bitso just a few hours ago.
Judge Torres’ decision to allow the U.S. Securities and Exchange Commission (SEC) to file an interlocutory appeal of the XRP token sale had significant ramifications, triggering a notable downturn in the market. This caused the XRP price to drop sharply, breaking the critical support levels of $0.6 and $0.5.
29,300,000 #Ripple ($15,130,884) transferred from unknown wallet #Bitstamphttps://t.co/DhcHkKNdzc
— Whale Alert (@whale_alert) August 24, 2023
Currently, XRP price is recovering from the $0.5 support level, but there is a huge risk of a sharp drop if traders and whales choose to liquidate their holdings.
Meanwhile, the trial between Ripple and the SEC is expected to take place around the end of April or mid-May. This timing is in line with court notices from the SEC and Ripple Labs, as well as CEO Brad Garlinghouse and executive chairman Chris Larsen, who said it would not be available until the second quarter of 2024. In response, XRP price rebounded; however, the bullish momentum did not last.
related: SEC v. Ripple: Lawyers leave SEC, both sides add new lawyers
In the past 24 hours, XRP has lost more than 3% in value and is currently trading at $0.51. During this time, the price fluctuated between $0.510 and $0.528. Additionally, trading volumes have declined over the past 24 hours.
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