Ripple Moves 31 Million XRP After Grayscale’s Victory Against SEC

In a surprising development, a substantial amount of XRP has been on the move as Whale Alert reported a transfer of 31 million XRP, equivalent to a staggering $16.5 million, from Ripple to an unknown wallet. This move comes in the wake of increased attention on cryptocurrency, despite ongoing challenges in the market.

XRP Price Sees Bulls After Grayscale Victory

It is noteworthy that there was another transaction involving a transfer of 27.6 million XRP from an unnamed wallet to Bitstamp, a major cryptocurrency exchange. These big XRP swings have piqued the interest of the crypto community, prompting concerns about the market’s consequences.

Recent data and market analysis show that bearish sentiment across the cryptocurrency market is acting as a hurdle for XRP’s potential price breakout. Despite this, XRP’s price managed to display promising price gains within the last 24 hours, trading at $0.5335 with an almost 3% increase. This upward trend can be linked in part to Grayscale’s recent court victory over the U.S. Securities and Exchange Commission (SEC), which may lead to further institutional involvement in the crypto sector.

Although the Grayscale triumph has no direct impact on XRP, it does add to the larger story of regulatory developments in the crypto market. Ripple’s Chief Legal Officer, Stuart Alderoty, seized the opportunity to highlight the SEC’s recent challenges in court.

He remarked, “The SEC is getting battered in the court. In our case it’s been proven wrong, been called hypocritical, lacking faithful allegiance to the law, fined for discovery abuses, and now another distinguished court saying it’s “arbitrary and capricious” – that’s a really big deal.”

As XRP faces bearish pressure, market analysts suggest that its recent declines might find some support, partially due to its oversold conditions and the resilience of its support level. However substantial amounts of XRP continue to be moved despite Judge Torres’ recent ruling.

Also Read: Crypto Prices Today: Bitcoin, Pepe Coin And TON Shows Promising Price Recovery

SEC Vs. Ripple’s Verdicts Plays Crucial Part

Looking ahead, events in the SEC v. Ripple lawsuit will continue to have a significant impact on XRP’s trajectory. Investors and market participants will be watching Ripple’s response to the SEC’s request for interlocutory appeal attentively, as it is expected to influence both investor sentiment and the behavior of these notable XRP whales. As XRP navigates these obstacles, the crypto community stays prepared for potential market upheavals.

Also Read: What Can be SEC’s Next Move After Grayscale Victory in Spot Bitcoin ETF?