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Whales Transfer 230 Million XRP Ahead of Judge Torres’ Final Judgment
XRP whales have once again taken action to shuffle 230 million coins as the Ripple vs. SEC lawsuit, with fines reaching approximately $2 billion, seeks a conclusion. On-chain data shows dumps and transfers between wallets recorded in the past day, generating fascinating speculation around future XRP price movements.
The latest update of the process, in which Doctrine of Judge Torres stayed, and secondary sales of XRP are not securities, tipped the scales a bit in Ripple’s favor. Massive whale activity, emerging after the process, gained significant momentum.
Whales shuffle 230 million coins
According to insights simplified by Whale Alert on X, 230.93 million XRP, worth $109.21 million, was collectively transferred by whales over the past day. While one dumped 30.93 million coins on Bitstamp, the other transferred 200 million coins to an unknown wallet.
According to the data, the renowned whale …Rzn was recorded as having made the dump, while the whale rP4X2hTa7A transferred 200 million coins to rJqiMb94hy. These transactions stirred somewhat mixed sentiments in the market.
While one whale’s transaction raised bearish concerns, the other’s transaction highlighted intensified activity on the chain. Furthermore, it is worth noting that XRP Whale Accumulations rose notably amid the token’s recent illustration of consolidation above the $0.46 support. This increase in accumulations, coupled with the recent development of the Ripple lawsuit, has tilted the odds towards XRP.
Meanwhile, the Ripple-backed asset traded in the green today, moving in tandem with the broader market. cryptocurrency market movement.
Read too: German government dumps 400 BTC to major exchanges, wave of transfers continues
XRP Price Springs
At the time of writing this article, XRP Price noted gains of 1.39% in the last day to trade at $0.4802. Its 24-hour lows and highs were valued at $0.4716 and $0.4814 respectively.
Coinglass data highlighted a bullish market trend for the crypto, with a significant increase in its futures and derivatives OI volume. XRP OI jumped 4.31% to $606.63 million, followed by a 58.30% increase in derivatives volume to $499.20 million. This data highlighted a significant increase in investor enthusiasm for the asset.
However, the RSI moved along a neutral territory at 45, stirring mixed sentiments about future price movements.
However, a recent report from CoinGape further highlights a potential $6 price target for XRP ahead, with the lawsuit and technical factors weighing in.
ARead too: US government moves $12 million in Ethereum, is a Bitcoin-style liquidation coming?