Whale Dumps $14 Mln XRP Despite Ripple’s Latest Wins

The XRP crypto has been on the investors’ radar lately, with the ongoing tussle between the American blockchain payments platform, Ripple Labs, and the U.S. Securities And Exchange Commission. Meanwhile, in a recent development, whales have transferred a hefty amount of the XRP crypto to multiple wallets. The move has raised concerns among investors after several positive news from the XRP family has raised optimism in the market.

Whale Dumps $15 Mln Cryptos

According to a Whale Alert report, a whale moved 26.8 million XRP tokens, worth $14.24 million, from an unknown wallet to Bitstamp exchange. The large number of transfers has raised speculations in the market about a potential sell-off in the near future.

Notably, when funds move into the exchange, it signifies that the market participants are looking to sell their assets. On the other hand, if funds move out of the exchange, it generally suggests that the investors want to hold the cryptos.

Meanwhile, the traders grew more concerned after another hefty amount of transfer was noted in the market. In another transaction, a whale transferred 20.40 million XRP tokens, worth $10.83 million from an undisclosed wallet to Bitso exchange.

The recent transactions and increasing speculations have wiped off some gains from the crypto price today. However, the crypto has noted significant gains lately due to several positive news from the Ripple ecosystem.

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Latest Wins Of Ripple

On October 3, Judge Analisa Torres, in a follow-up to her historic Summary Judgment in the XRP Lawsuit delivered in July 2023, denied the SEC’s request for an interlocutory appeal. This decision reaffirms the earlier ruling that retail XRP buyers did not anticipate profits from Ripple, possibly marking a victory for the company.

It marks the first victory, among others, that has fuelled investors’ confidence yesterday. In addition, on the same day when the US court rejected the SEC’s request, Ripple achieved another significant milestone with its Singapore subsidiary.

Its subsidiary has received provisional approval for its Major Payments Institution (MPI) license from the Central Bank of Singapore. This achievement comes after four months of dedicated efforts, allowing Ripple to offer digital payment token services in Singapore under its complete MPI license.

Meanwhile, Ripple also showcased its excellence by securing a coveted place on the prestigious Fintech 100 list. This achievement not only underscores Ripple’s dedication to transforming the financial sector but also cements its status as one of the leading fintech innovators globally.

However, the XRP price was down 1.18% over the last 24 hours and traded at $0.523 during writing. Its one-day volume fell 38.47% to $1.01 billion, while its market cap dropped by 1.16% from yesterday to $27.87 billion.

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