As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen my fair share of market movements that can be attributed to various factors. The recent 60 million XRP transfer by Ripple has once again sparked speculation within the crypto community, and as a student of market behavior, I can’t help but notice the pattern emerging here.
Yesterday, Ripple transferred an additional 60 million XRP from its account, following a previous transfer of 200 million XRP. This action has ignited discussions among XRP community members about whether this could be linked to the ongoing legal appeals in the US Court of Appeals for the Second Circuit.
Currently, the value of XRP has decreased approximately 3% and reached a daily minimum of $0.529, likely due to large investors (whales) and traders responding to Ripple’s recent actions.
Ripple Moves 60M XRP Ahead Form C Filing in SEC Lawsuit
On October 23rd, as reported by Whale Alert, the digital payments company Ripple transferred a total of 60 million XRP tokens. These transfers were made in rapid sequence, with each transaction moving 30 million XRP to different wallets.
As a crypto investor, it’s worth noting that some recent transactions to specific wallets have sparked curiosity, given that Ripple previously transferred 30 million XRP to those exact wallets around crucial filing dates and decision points in the ongoing Ripple versus SEC case.
After Judge Analisa Torres imposed fines totaling $125 million in the XRP lawsuit, the company transferred 30 million dollars to a digital wallet. According to blockchain data, these wallets had previously been utilized to sell some XRP tokens on the cryptocurrency exchange Binance.
On Tuesday, Ripple transferred approximately $109 million worth of XRP, as the legal dispute with the U.S. Securities and Exchange Commission approaches a pivotal appellate phase. This transfer of 200 million tokens has ignited discussions within the crypto community.
XRP Price Falls to Support
Despite the ongoing impact of the multi-year U.S. SEC vs Ripple Labs lawsuit on the price trajectory of XRP, certain financial experts foresee that appeals could significantly influence the cryptocurrency for several more years. Conversely, analysts’ forecasts and recent company advancements suggest a different trend.
Chris Larsen has stepped forward in the appellate court following the court’s decision to extend the deadline. Later this week, the company plans to submit forms C and D.
Transactions from Ripple’s wallets, particularly those made by ‘whales,’ may trigger a drop in XRP prices. This downward pressure might dampen the positive trend and potential increase in XRP value.
In the past day, XRP’s price dipped by 3%, likely due to the ongoing Ripple vs SEC lawsuit advancing to the court of appeals. At present, it is being traded at around $0.52. The price range over the last 24 hours has been between $0.525 (low) and $0.541 (high). Additionally, the trading volume has declined by approximately 30% in that same time frame.
Over the past day, the combined total of open contracts in the derivatives sector has decreased by about 2%. Currently, the open interest for XRP futures stands at approximately 1.45 billion, which equates to a value of around $761.69 million according to Coinglass data.
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2024-10-23 11:58