XRP Whales Resume Dumping Amid SEC Appeal Woes, Is $0.50 Next?

by

As a seasoned crypto investor with a knack for deciphering market movements and a penchant for XRP, I can’t help but feel a mix of intrigue and apprehension upon reading this latest development. The repeated large-scale transactions by these mysterious XRP whales, particularly the one activated by Binance, have me wondering if they’re playing a game of chess while the rest of us are still learning the rules.

Headline News: The dominance of whales persists, as significant transfers provoke market conjecture. In a significant turn of events, an unidentified wallet transferred approximately 95 million XRP, valued at around $50 million, to Binance. This transfer, flagged by WhaleAlert, has rekindled discussions on the potential influence of such large-scale transactions on the price of XRP.

XRP Whales Resume Dumping Amid Price Volatility

In the early hours of Saturday, as reported by WhaleAlert, a large XRP transaction took place. A wallet, identified as being associated with Binance, initially activated an unknown wallet and transferred 95 million XRP to another wallet listed under Binance’s address. This transfer happened at 04:48 UTC, when each XRP coin was worth approximately $0.5229. Given the number of coins involved, this transaction was valued around $50 million.

It appears that there has been historical evidence of significant transactions between these two wallets, not just this occasion. To be specific, back on August 29, a transfer of 60 million XRP, equating to around $39 million, was traced from the same wallet.

The frequent, large number of transactions between known wallets in this pattern might indicate a possible internal management of resources within Binance, or it could be a closely connected organization handling funds strategically.

Binance-Activated Wallets in Focus

Examining the transaction history of a wallet linked to Bithomp reveals its crucial part in processing XRP transfers. This wallet became active on December 21, 2023, and has been involved in multiple significant XRP transactions. Before this recent transfer, an XRP “whale” (a term for large holders of the cryptocurrency) transferred approximately 33 million XRP, equivalent to around $19.81 million, to the same Binance-linked address on August 21.

The sequence of money movements, combined with the fact that the wallet was first activated by Binance, suggests a strong connection to the exchange. It’s unclear whether these transactions are simply rearrangements within the system or involve external parties; this aspect is open to interpretation.

Moreover, it’s worth noting that CoinGape disclosed on September 6th that approximately 100 million XRP, equivalent to around $54 million, was moved from Ripple to an unknown wallet. This significant transaction has sparked interest among crypto enthusiasts, particularly in the context of the ongoing Ripple vs. SEC lawsuit, which may be subject to an appeal.

A current piece of XRP news indicates that the US Securities and Exchange Commission (SEC) has consented to Ripple’s petition for a delay in enforcing the $125 million fine. This development has sparked further discussions and conjectures within the financial market.

XRP News: Market Impact and Future Movements

The continuous actions by XRP‘s large investors (whales) continue to have a substantial influence on market trends. Each major transaction can shift investor sentiment, potentially affecting the stability of Ripple tokens. As the price approaches a crucial support point at around $0.50, the moves of these whales are being closely watched for indications of prolonged selling pressure.

Currently, when I’m typing this, the value of XRP has shown some fluctuations. There was a significant drop to approximately $0.5276, representing a 1.75% decline in its price over the past day.

Read More

2024-09-07 13:42