An XRP whale comes from transfer more than 29 million tokens to the Bitstamp platform, in full decline of the price of XRP. This operation follows another significant transfer, since the same whale previously moved 14 million XRP to Bitsoa few hours earlier.
Disruptive Legal Judgment Influences XRP Price
XRP is struggling maintain upward momentum since the summary judgment of Judge Analisa Torres in the US Securities and Exchange Commission case against Ripple Labs, ruling that XRP is not a financial security.
This judgment led to a massive sell-off from investors and triggered a sharp drop in the price of XRPthus breaking key support levels at $0.6 and $0.5.
Currently, although XRP is trying to recover from the $0.5 support level, the risk of a significant drop remains. if traders and big whales decide to liquidate their assets.
Suspicious Whale Movements and Implications for XRP
Whale Alert recently reported that a major holder has transferred 29.3 million XRPworth over $15 million, to the Bitstamp exchange. This transfer echoes an earlier move where the same whale moved 14 million XRP to Bitso just hours before.
These actions highlight the possibility of a massive sale from this whale, contributing to further market instability.
In parallel, the lawsuit between Ripple and the SEC should take place around the end of April or mid-May, a period in accordance with a notification of the court by both parties. In response to this, the price of XRP rebounded, but failed to maintain bullish momentum.
Over the past 24 hours, the value of XRP has risen slightly by 0.15% and is hovering currently around $0.5167 with a 26.8% decline over one month. In addition, the trading volume also saw a decrease during this period.
Sources: whale-alert.io, Cointelegraph