XRP Whales Dumping Heavily As Ripple To Move $125 Million

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As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen countless instances where market participants take advantage of critical events to shape price movements. The recent XRP whale dumps, totaling 114 million coins, are a classic example of this phenomenon.

Large investors holding XRP have once more stirred up the wider cryptocurrency sector, offloading around half a billion tokens before Ripple‘s upcoming $125 million settlement in the SEC lawsuit. Data from blockchain activity suggests approximately 114 million XRP were transferred to centralized trading platforms within the last few days, drawing attention and concern among market players. As a result of these large-scale sell-offs, the price of Ripple’s token has dropped significantly today, fueling speculation about potential future trends.

Ripple Whales Dump 114M Coins To CEXs

Based on information provided by Whale Alert, a tracker for blockchain transactions, it appears that a significant number of XRP coins (approximately 114.34 million) were transferred from ‘XRP whales’ to centralized exchanges (CEXs) within the past day. Specifically, data shows that 54.34 million XRP was sent to exchanges Bitstamp and Bitso in recent times. Notably, transactions originating from the well-known Ripple whale address …Rzn are believed to be responsible for this transfer.

At the same time, data from August 29 showed that the wallet identified as rPz2… transferred an impressive 60 million coins, equivalent to $34.19 million, to Binance, the dominant cryptocurrency exchange. These transactions suggest a growing selling pressure on the asset and align with the token’s price decrease observed today.

In the remaining 9 days before Ripple fulfills its $125 million settlement as per Judge Analisa Torres’ ruling in the SEC lawsuit, these transactions have seen increased interest. Today, crypto advocate ‘JackTheRippler’ disclosed on social media that the settlement is imminent within this timeframe. This revelation has added an extra level of curiosity to the significant XRP transactions.

At the same time, following the SEC’s lawsuit against NFT marketplace OpenSea, Ripple’s General Counsel Stuart Alderoty implied that the SEC could suffer another defeat if it persisted with its regulatory actions. Meanwhile, in contrast, the XRP price today dipped, mirroring the large sell-offs and overall market trend.

XRP Price Tumbles, What’s Ahead?

Currently, the value of XRP has decreased by 1.5% to reach $0.5651. Earlier today, its lowest and highest prices were recorded at $0.5593 and $0.5754 respectively. This price fluctuation can largely be attributed to the significant XRP sell-offs previously reported. Additionally, there has been a general slow movement in the wider crypto market today.

Despite some current uncertainties, the outlook for this digital currency seems to be quite positive in the long run. Intriguingly, crypto expert Egrag anticipates a very optimistic price point of around $27 for XRP in the future. This prediction is largely based on the coin successfully surpassing the resistance level at $0.75, as suggested by Fibonacci analysis.

Furthermore, a different examination of XRP‘s price suggests that an upward trend is imminent, based on Ripple’s recent legal moves and reinforced by optimistic transaction data. The crypto community remains vigilant, anticipating potential changes in the token’s price movement.

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2024-08-30 16:14