An XRP whale has been gaining much interest in the larger cryptocurrency market since the U.S. SEC opposed Ripple’s request to seal papers about remedies. This Whale has been offloading massive quantities of XRP coins to a CEX, which could be causing volatility in the token’s price performance.
According to on-chain observations from a tracker, this well-known XRP whale just transferred close to 32 million XRP to an exchange. This has sparked a surge of conjecture on the token backed by Ripple Labs’ potential price swings.
In addition, the crypto community is already discussing the unclear ramifications of FIT21’s demise and how it might alter the course of the case. This article provides a closer look at these changes that are attracting notice worldwide.
In the FIT21 frenzy and SEC’s opposition, Whale dumps XRP
Based on information provided by Whale Alert, whaleRzn has once more moved a significant amount of XRP to Bitstamp, a CEX located in Luxembourg City. Notably, transfers of 31.8 million XRP totaling $16.87 million were noted the previous day.
This transfer has generated conjecture mainly because of how different the deal is from FIT21’s positive hype. Notably, the FIT21 crypto bill passage is good news for the Ripple community since it clarifies which cryptocurrencies belong to the securities class.
It’s also important to note that in the remedies briefing before Judge Torres, the U.S. SEC has filed a response opposing Ripple’s move to seal essential papers. All of these changes have further enhanced the mystery surrounding the purpose of the whale transaction.
In the meantime, it’s also important to note that the transactions made by this XRP whale have since been a regular occurrence in the world of cryptocurrency.
Price Drops for XRP
As of this writing, the price of tokens has dropped by 2.05% over the last day and is presently trading at $0.5274. Coinglass’s derivatives data also showed that investors were mainly pessimistic about the coin.
The volume of derivatives traded fell 3.79% to $526.51 million, while Futures Open Interest decreased by 0.26% to $617.99 million. This demonstrated the declining interest of investors in the asset.
The asset appears to be neither overbought nor oversold, as indicated by the RSI, which was centered at 50. This information and the previously described events have alerted investors and cryptocurrency traders to potential future movements for the token that could be unknown.
