Whale Dumps 31.15mn XRP Ahead FTX Selloff

In a notable transaction in the blockchain space, 31,400,000 XRP tokens were moved from an unknown wallet to a Bitstamp exchange on September 14, Whale Alert reported. The news comes amid a tense scenario in the cryptocurrency market with several ongoing regulatory issues and other factors. However, some investors have seen the latest transfer as a potential bullish move for the crypto.

XRP vs. SEC Amid FTX Selling Pressure

Among other major cryptos, XRP showed resilience despite the ongoing court case of FTX, which has spooked several investors with concerns over a potential sell-off. Reports over FTX gearing up to sell cryptos worth billions of dollars have subdued the risk-bet appetite of the investors. Considerably, The FTX reportedly holds around $119 million worth of XRP.

Meanwhile, a Federal judge has granted approval to FTX to liquidate its cryptocurrency holdings on September 13.

In addition, the Ripple vs. SEC lawsuit has also raised concerns in the market. Earlier this week, Ripple’s President, Monica Long, expressed the company’s commitment to vigorously contest the lawsuit brought by the U.S. Securities and Exchange Commission (SEC).

Meanwhile, back in 2020, the SEC alleged that Ripple and its co-founders violated securities laws by selling $1.3 billion worth of their native cryptocurrency XRP without registering it as a security. Ripple is part of a broader trend in the crypto industry, where companies like Binance and Coinbase are pushing back against regulatory actions and advocating for clearer guidelines in the crypto space.

Also Read: SOL Price Pumps 5% Post FTX-Liquidation Alarm, A Rally In The Works?

XRP Remained Stable Despite Regulatory Pressures

During writing, the XRP price was up 0.46% to $0.4815, while its one-day volume was down by 26.73% to $757,958,381. Meanwhile, the recent whale transaction of 31.4 million XRP, worth $15,140,522, seems to have fuelled the confidence of the investors.

Notably, one such big transfer was also witnessed on September 5, when 40,393,173 XRP, worth $20,361,168, was transferred from Binance to an unknown wallet.

Also Read: Judge Faruqui Issues Order In Binance Vs US SEC Lawsuit