As a seasoned researcher with years of experience in the dynamic and ever-evolving world of cryptocurrencies, I find myself constantly intrigued by the fascinating dance between market sentiment and legal maneuvers – especially when it comes to XRP. The recent whale activity dumping 81 million coins while Ripple files a cross-appeal against the SEC is a classic example of this complex interplay.
On Friday, large XRP holders attracted investor focus, transferring vast amounts of coins following Ripple‘s cross-appeal against the U.S. SEC in their ongoing lawsuit. Data from blockchain activity indicates that roughly 81 million XRP were moved to cryptocurrency exchanges within the last day, causing some market unease despite the favorable court filing for Ripple. Concurrently, Ripple’s native currency has been primarily trending upwards in value, leading to mixed feelings among investors due to recent events.
XRP Whales Dump 81M Coins Raising Market Concerns
On October 11th, as reported by the blockchain tracking platform Whale Alert, a significant number of XRP (81.56 million) were transferred from whale holders to cryptocurrency exchanges, even amidst Ripple’s recent optimistic cross-appeal filing. Specifically, an unidentified whale address with the string rGd…p1k offloaded 52 million XRP, equivalent to $27.83 million, onto the crypto exchange Bybit.
At the same time, the location identified as Rzn transferred approximately 29.56 million coins, valued at around $15.62 million, to Bitso. These transactions suggest a bearish outlook for the asset, sparking curiosity among investors as Ripple presents a stronger stance in the ongoing lawsuit. The American blockchain payments company has filed a cross-appeal against the U.S. SEC concerning the final ruling in the lawsuit, according to CoinGape Media reports. This legal action bolsters the firm’s native coin, while recent whale activities indicate selling pressure.
However, in a separate court case, the cryptocurrency derivatives exchange Bitnomial has taken legal action against the U.S. Securities and Exchange Commission (SEC), challenging the regulator’s authority over XRP futures contracts. These recent events suggest that Ripple’s native digital currency is benefiting from favorable legal decisions.
Coin Price Rises
At this moment, the price of XRP has risen by 1% over the past day and is currently being traded at $0.5357. Earlier today, its lowest point was $0.5239 and it peaked at $0.5432. This upward trend occurred despite some major XRP holders (whales) selling off their coins. However, this price increase could be due to optimism stemming from the recent cross-appeal filing by the blockchain payments company associated with XRP.
Additionally, Coinglass data shows that the coin’s future Open Interest (OI) increased by approximately 4% to reach $711.55 million within the past day. Moreover, the derivatives volume experienced a significant jump of 85%, reaching $1.30 billion, demonstrating growing investor enthusiasm for this asset. This data suggests optimism towards the coin’s potential long-term growth given recent advancements.
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2024-10-11 10:39