As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed numerous market fluctuations and whale activities that have shaped the trajectory of various assets. In my professional journey, I have learned to decipher patterns and read between the lines, especially when it comes to on-chain data and regulatory battles.
On Thursday, large XRP holders created a stir in the wider cryptocurrency industry, transferring vast amounts of coins as speculation grew about Ripple potentially appealing against the SEC. In the last 24 hours, approximately 73 million XRP were moved, igniting conversations within the market. Additionally, legal expert MetaLawMan added fuel to this speculation by discussing the reasons why a cross-appeal from the blockchain payment company in the ongoing XRP lawsuit could be forthcoming on his platform.
XRP Whales Transfer 73M Coins, Ripple To File Cross-Appeal Ahead?
On October 10th, as reported by Whale Alert, a total of approximately 73 million XRP were moved by large-scale XRP holders (XRP whales) over the previous day. Specifically, an influential address ending with ‘..Rzn’ offloaded 21.16 million XRP, equivalent to around $11.05 million, onto the exchange Bitso. Meanwhile, a significant amount of 52 million XRP, valued at approximately $27.37 million, was acquired from the top cryptocurrency exchange Bybit by the address 0xf7788124.
This massive accumulation, in light of rising speculations of a cross-appeal by Ripple, has sparked investor curiosity globally. MetaLawMan’s recent X post rationalizes why XRP sales to institutions were non-investment contracts. The attorney draws parallels between ‘wholesalers,’ pointing out that the token’s sales to institutions at prices lower than retail exchanges are validated as these are not ‘investments’ related to the American blockchain payments company. He further claims that the institutions just bought the crypto at a discounted price whilst there are other choices in the market that offer direct investment opportunities in the firm.
These statements suggest a surge in worldwide excitement about the potential success of the American blockchain payments company’s appeal filing. Moreover, it’s significant to mention that the likelihood of an XRP Exchange-Traded Fund (ETF) has become stronger, fueling investor interest in this asset and coinciding with the large accumulation of XRP by major investors. Notably, Canary Capital recently submitted an application for an XRP ETF with the Securities and Exchange Commission (SEC), despite facing regulatory challenges.
Coin’s Price Faces Turbulence
Today, the value of the company’s native cryptocurrency experienced significant fluctuations alongside the broader market movement. At present, an XRP is priced at approximately $0.5266, representing a decline of nearly 1% over the past 24 hours. The coin saw its lowest and highest prices today as $0.5219 and $0.5333 respectively. It’s worth noting that this volatility in the crypto is partly due to the Securities and Exchange Commission (SEC) filing a notice of appeal, aiming to overturn Judge Analisa Torres’ ruling that ordered the American payments firm to pay a fine of $125 million to the SEC. This appeal also challenges the court’s decision regarding sales of securities to institutions.
Despite Ripple preparing for an appeal, there’s anticipation among market observers for a change in market opinion regarding XRP. Today, Coinglass data showed that the value of XRP futures open interest dropped 0.07% to $685.29 million, and derivatives volume fell almost 8% to $704.12 million. These figures have heightened investor concerns, even as there has been significant XRP whale accumulation and recent legal developments. Crypto market fans remain vigilant, keeping a close eye on XRP for any further price movement changes.
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2024-10-10 11:32