XRP Lawsuit: Whales Shift 74M XRP Amid Approaching SEC Deadline, What’s Next?

Rupam Roy
April 29, 2024
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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
XRP Whales Dumping Heavily As Ripple To Move $125 Million

Highlights

  • XRP price dips amid a broader crypto market selloff and a significant whale move.
  • Speculation arises over the motive behind the whale's large XRP transfer.
  • The SEC is expected to file its reply in the Ripple case later today.

Amid the ongoing turbulent day for the major cryptocurrencies, the XRP price has taken a 4% dip alongside a broader market selloff. Yet, amid this downturn, a series of significant transfers of XRP by the unidentified whales have raised eyebrows, especially given its timing just ahead of the SEC’s filing deadline in the Ripple lawsuit case. So, let’s take a closer look into the latest development and see what lies ahead for the XRP crypto.

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Whale Transactions Spark Speculation

A recent whale transaction involving the transfer of 30.53 million XRP, worth approximately $15.92 million, to Bitstamp, has triggered speculation within the cryptocurrency community. This substantial movement of XRP coincides with mounting uncertainty surrounding the ongoing legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC). 

Meanwhile, the market participants seem to be divided in their interpretations, with some viewing it as a strategic selloff maneuver by concerned whales anticipating legal repercussions, while others suggest it might be part of Ripple’s broader liquidity management strategy.

In other words, the close proximity of this transaction to previous large-scale transfers to Bitstamp by the same XRP whale intensifies the speculation surrounding its motives. Notably, Ripple’s collaboration with Bitstamp on cross-border payments further complicates the analysis, as XRP transfers play a crucial role in facilitating seamless global fund transfers. 

However, in another transfer, a whale has accumulated 23.03 million XRP, worth around $11.55 million, from Binance. Notably, the massive accumulation by the whale “rarG6…2bZKk” also reflects the growing confidence of the traders towards the crypto, especially ahead of the anticipated major development in the XRP lawsuit.

In addition, another whale “rfQ9E…k8Cvi” accumulated around 21 million XRP, worth $10.64 million, from Binance, echoing the bullish sentiment of the traders towards the crypto.

Meanwhile, as market experts attribute XRP’s recent price slump to broader market trends and anticipation surrounding the SEC’s next move, investors are closely monitoring developments in the lawsuit. Besides, the whale “r4wf7….h4Rzn”, who conducted the latest transaction, has also seen to move of a substantial amount of XRP to these centralized exchanges (CEX) in recent days, which has further fuelled discussions.

Also Read: Bitcoin and Altcoins Come Under Pressure Ahead of Fed’s Interest Rate Decision on May 1

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Legal Battle Heats Up Amid Declining Price

While cryptocurrency markets remain volatile, the legal battle between Ripple and the SEC has entered a critical phase. Magistrate Judge Sarah Netburn’s recent scheduling order granted Ripple’s request to disregard the SEC’s expert submissions. 

However, the SEC has been granted an extension until today, i.e. on April 29, 2024, to file their reply, with Ripple giving three business days to respond after that. Notably, this extension underscores the complexity and significance of the legal proceedings, which continue to influence investor sentiment and market dynamics within the cryptocurrency ecosystem.

Meanwhile, the XRP price fell 4.48% and traded at $0.5011 during writing, while its trading volume rose 33.42% to $795.94 million over the last 24 hours. The recent losses have wiped off nearly 7% in its price over the last seven days, while on a monthly basis, it has plunged about 20%.

Also Read: Spot Bitcoin ETF Coming to Australia’s Stock Market by End of 2024

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam's expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news. Rupam's career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.