XRP Whales Move 430M Coins As Ripple’s Chris Larsen Dumping XRP

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As a seasoned analyst with over two decades of experience in the financial industry, I’ve witnessed numerous market fluctuations and whale activities that have shaped the course of various assets. In the case of XRP, the recent whale activity is indeed intriguing, especially given the context of Ripple co-founder Chris Larsen’s coin dumps.

On a surprising twist, massive XRP investors (often referred to as ‘whales’) stirred up the overall crypto market again on Wednesday. Data from blockchain activity suggests that approximately 430 million coins were moved by these whales, fueling rumors since Ripple‘s co-founder Chris Larsen reportedly sold off a significant amount of XRP earlier. As the XRP price remains confined below $0.6 at present, this pattern of large transactions has attracted more scrutiny.

XRP Whales Active After Ripple’s Chris Larsen Dumps Coins

Based on information from Whale Alert, over the last 24 hours, XRP whales have been transferring approximately 431.08 million coins between exchanges, unidentified wallets, and other actions. These transactions occurred following significant XRP sell-offs by Ripple’s co-founder, and they included coin accumulation, sell-offs, and transfers to additional unidentified wallets collectively.

According to Whale Alert’s records, an unidentified account on Bybit has amassed 30 million coins valued at approximately $17.68 million. Meanwhile, a well-known address known as ‘…’ transferred 17.23 million XRP, equivalent to around $10.16 million, to Bitstamp exchange. At the same time, an astounding 383.85 million coins worth about $224 million were moved from the account ‘r4Sa1S5pip…’ to ‘rKUhycGCu1…’.

Due to recent large-scale transactions by Chris Larsen, which include dumping millions of his XRP holdings onto exchanges like Binance and Bittrex, there has been intense debate within the cryptocurrency community. Furthermore, these massive whale transactions have piqued enough curiosity to attract the attention of market observers. (CoinGape Media reported this transfer of coins.)

XRP Price Performance

Regardless, the price of XRP persisted in its tight range below the $0.6 mark, with a modest increase of 0.07%. It currently trades at approximately $0.5881. The day’s lowest and highest values for the coin were $0.5824 and $0.5949 respectively. Moreover, the trading volume of the Ripple-supported asset saw a significant surge of 19% today, reaching $1.07 billion.

To provide a fresh take on this information: A study by CoinGape shows that XRP is holding steady but encountering resistance at $0.60. Simultaneously, Coinglass data reveals an increase of 0.7% in XRP’s futures OI to $745.55 million and a surge of 15.52% in derivatives volume to $869.62 million today. This conflicting data has led to mixed feelings among investors regarding the token’s potential future performance. Meanwhile, as the SEC’s appeal deadline approaches and recent XRP whale activity including Chris Larsen’s large sell-off continues, market participants remain keenly interested in XRP.

The deadline for a possible SEC appeal in the ongoing Ripple lawsuit is approaching in October 2024. Former SEC attorneys Marc Fagel and James Farrell believe that the SEC may choose to appeal, suggesting that more legal battles could be ahead for the XRP community.

As a crypto investor, I find it noteworthy that XRP Ledger (XRPL) is gearing up for a significant upgrade, with the primary goal of increasing the deployment of RLUSD on the network. Considering recent advancements, both positive and negative, there’s a sense of anticipation and uncertainty about the potential impact on the asset’s value in the near future.

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2024-09-25 13:37