In the midst of a turbulent day for major cryptocurrencies, XRP faces a 2.3% dip alongside a broader market selloff. However, the spotlight is on significant whale movements of 53 million XRP just ahead of the SEC filing deadline on April 29, raising questions about the motives behind these transactions amid the ongoing legal battle with Ripple Labs.
Whales Move 53M XRP
According to on-chain data tracking platform Whale Alert, a recent whale transaction involving the transfer of 30.53 million XRP (worth approximately $15.92 million) from r4wf…5Xgw to Bitstamp has stirred speculation within the cryptocurrency community.
In a separate transfer, another whale accumulated 23.03 million XRP (worth around $11.55 million) from Binance. This significant accumulation by the whale “rarG6…2bZKk” reflects growing trader confidence in XRP ahead of the anticipated developments in the lawsuit.
Furthermore, the whale identified as “r4wf7….h4Rzn” responsible for the recent transaction has been observed moving a significant amount of XRP to centralized exchanges (CEX) in recent days, adding fuel to the fire.
Meanwhile, market participants are divided in their interpretations, with some speculating that these transactions represent strategic selloff moves by whales anticipating legal repercussions.
Others suggest it might be part of Ripple’s broader liquidity management strategy, especially given Ripple’s partnership with Bitstamp in cross-border payments. However, this large movement of XRP coincides with growing uncertainty surrounding the Ripple lawsuit against the U.S. Securities and Exchange Commission (SEC).
29 April Deadline for the SEC
Meanwhile, Magistrate Judge Sarah Netburn has set an important deadline for the SEC to respond to the ongoing dispute with Ripple Labs, with the deadline falling on April 29, 2024. This follows Ripple’s motion to dismiss the SEC’s expert submissions.
XRP Price Performance
As of now, XRP is trading at $0.5011, reflecting a 2.48% decline over the past 24 hours. Meanwhile, its trading volume has surged by 33.42% to reach $795.94 million. The recent losses have led to a nearly 7% decline in XRP’s price over the last seven days. Additionally, on a monthly basis, XRP has plunged by about 20%.
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