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XRP Whale Moves 50 Million Coins Amid FIT21 Relief for Ripple Community
Following the vote by the US House of Representatives on the Financial Innovation and Technology Law for the 21st Century (FIT21), an XRP whale offloaded large amounts of tokens to CEXs, drawing global attention. Trading amidst the passage of the first major crypto bill in the United States, this whale has got tongues wagging across the broader crypto market.
Meanwhile, pro-XRP lawyer Bill Morgan pointed out that in line with Judge Torres’ influence on FIT21, the crypto bill states that certain digital assets sold under an investment contract do not necessarily classify the asset as a security only. because it is being sold or transferred within that investment contract. This development potentially changes the game for the Ripple vs SEC lawsuit, while whale activity amidst this has further echoed a speculative buzz across the crypto horizon.
XRP Whale Changes 50.78 Million XRP Spark Inferences
Notably, according to data revealed by on-chain transaction tracker Whale Alert, a renowned XRP whale was recorded dumping 50.78 million XRP in a few transactions to CEXs Bitstamp and Bitso again.
The first transaction amounted to 29.14 million XRP transferred to Bitstamp, a CEX based in Luxembourg City. Whereas the second transaction illustrated 21.64 million XRP was transferred to Bitso, a CEX based in Mexico City. Both transactions were made using the same wallet address, ..Rzn.
Interestingly, the whale’s unexpected decision to offload XRP, in stark contrast to the positive news for Ripple, added a layer of intrigue to these transactions. It is important to note that the whale in question initiated such transactions immediately after Ripple collaborated with these exchanges, generating further speculation.
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XRP Price Falls
At the time of writing, the XRP token price illustrated a 24-hour trading session in red and green territories. The token’s price stood at US$0.528, with a drop of 0.96% in the last day. Additionally, 24-hour trading volume plummeted 37.07% to $1.12 billion, adding a bearish tone to the token.
This drop in price potentially coincides with the increased selling pressure the token encountered with the aforementioned sell-off. Additionally, Futures and Options OI fell 1.18% to $620.54 million, followed by a reduction in derivatives volume of 40.73% to
US$866.15 million, increasing bearish sentiment among investors.
However, the RSI stood at 51, signaling that the asset is taking a neutral market stance. This potentially allows bulls or bears to take control of the token in the future, although FIT21-born optimism for XRP will prevail.
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