Whale Moves 29 Mln XRP, Price To Jump After FOMC?

The XRP crypto has been on the investors’ radar lately, especially with the ongoing speculations over the Ripple vs SEC lawsuit. Meanwhile, in a significant blockchain transaction, 28.6 million XRP were moved from an unknown wallet to a crypto exchange earlier today, as per a Whale Alert report. The latest move follows a transfer of 75 million XRP this week, which has sparked speculation among the market participants.

Whale Transfers 29 Mln XRP In Latest Move

According to the latest report, 28,600,000 XRP, worth $14.64 million, were transferred from an unknown wallet or an anonymous source to the Bitstamp exchange on September 19. This move comes after an anonymous source sent Ripple Labs a hefty 100,000,000 XRP over the weekend.

However, the 100 million sender was later identified as a wallet associated with the Canadian cryptocurrency exchange SideShift. Ripple subsequently transferred 75,000,000 XRP to one of its wallets and another 46,000,000 XRP to an unknown recipient. These transactions suggested Ripple’s involvement in over-the-counter exchanges or asset redistribution.

Notably, in another transaction, the company moved 30,000,000 XRP to the Bitstamp exchange from a Ripple wallet on September 19, according to Bithomp.

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Potential Impact Of FOMC On XRP Price

Despite the significant transaction, the XRP noted gains on September 20, nearing $0.52. As of writing, the XRP price was up 1.99% to $0.5189, and its one-day volume rose 0.17% to $1,006,300,171. Meanwhile, the last 24-hour high and low of the XRP were $0.5233 and $0.5043, respectively.

Recently, the crypto came under the spotlight, after XRP legal representatives criticized the New York State Department of Financial Services (NYDFS) for delisting XRP from approved cryptocurrencies and stablecoins.

Additionally, John Deaton, the attorney representing XRP holders in the Ripple Vs. SEC lawsuit has hinted at a major announcement. Although it remains unclear whether this announcement pertains to the XRP lawsuit, it has sparked speculations in the market.

Meanwhile, the investors are now waiting for the FOMC meeting, scheduled later today. The experts anticipate that the rate-hike decision will have a potential impact on the overall crypto market, let alone the XRP price.

Although the market expects the Fed to pause its rate-hike plan for now, any surprise movement can significantly affect the market sentiment. Notably, traders express 99% confidence in a Fed rate hike pause, as indicated by the CME FedWatch Tool’s assessment of FOMC meetings.

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