XRP Whales Shuffle 291M Coins To CEXs Amid U.S. House Crypto Bill Vote

The recent passage of the Financial Innovation and Technology for the 21st Century Act (FIT21) by the U.S. House of Representatives has sent ripples through the XRP community. While the crypto bill itself holds promise for Ripple’s ongoing legal battle with the SEC, large-scale movements by XRP whales have cast a shadow of uncertainty over the token’s price.

Pro-XRP lawyer Bill Morgan sees a silver lining in FIT21. The bill, influenced by Judge Torres’ rulings, clarifies that digital assets sold under specific investment contracts might not be classified as securities solely due to the sale or transfer within that contract. This development could significantly impact the Ripple vs. SEC lawsuit, potentially giving Ripple a much-needed edge.

On-chain transaction tracker Whale Alert revealed significant activity from the whales. One whale, identified by the wallet address “..Rzn,” offloaded a hefty 50.78 million tokens in two separate transactions to cryptocurrency exchanges (CEXs) Bitstamp and Bitso. Interestingly, these transactions coincided with Ripple’s recent collaboration with both exchanges, leading to speculation about the motives behind the selloff.

However, another whale emerged as a counterpoint. A wallet address identified as “r99QSej32n” surprised the market by accumulating a staggering 240.85 million tokens from the Coincheck exchange. This address has been linked to similar large-scale XRP purchases from Coincheck recently.

Despite the potentially positive implications of FIT21, the token’s price has exhibited volatility. As of May 24, 2024, XRP is trading at $0.5515, reflecting a 1.72% dip in the last 24 hours. However, the trading volume has increased by a substantial %60% in the last 24 hours. Additionally, Coinlore, a prominent crypto market analyst, suggests that XRP could surge to $0.6037 in the next 10 days.

Factors Influencing XRP Price Trends

However, a glimmer of hope remains. The Relative Strength Index (RSI) sits at 47.64, indicating a neutral market position for XRP. This suggests that either bulls or bears could take control in the future, with the ultimate direction hinging on future developments, particularly the ongoing legal battle and the broader market sentiment towards cryptocurrencies.

The interplay between the SEC lawsuit, FIT21’s potential impact, and the enigmatic actions of XRP whales create a complex situation for token. While the legal developments offer a potential path forward for Ripple, the whale activity and price volatility introduce an element of uncertainty. Only time will tell how these factors will ultimately influence the price and future of XRP.