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Just as the XRP community welcomed a development around former US Securities and Exchange Commission (SEC) Chairman Jay Clayton, there was a massive token transfer in to crypto exchange Bitstamp. Does it mean a rise in sell activity for the fifth ranked cryptocurrency by market cap?
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XRP Whale Moves Tokens; Price Dump Ahead?
Whale transfers are often associated with selling the token to be able to liquidate before a price dump or an anticipation of price drop in near future. Earlier, Whale Alert reported that tokens worth over $15 million were transferred to the crypto exchange. It said,
“30,300,000 XRP (worth 15,334,534 USD) transferred from unknown wallet to Bitstamp.”
However, it appears that there is more to it. The anonymous whale has transferred close to around 50 million XRP over the space of just two days. The wallet transactions show a series of big XRP transfers to various crypto exchanges, with two transactions of over 30 million and 14.2 million tokens being the largest since September 25, 2023.
Markets Impact
On the macroeconomic front, the crypto market could likely continue to face liquidity hurdles as the US Federal Reserve plans to maintain the restrictive monetary policy, which makes it tougher for crypto platforms to borrow with higher interest rates. Meanwhile, the likelihood of the US government shutdown may not tinker much with the crypto price scenario as long as the US stock markets are unfazed by it.
Earlier, CoinGape reported that Empower Oversight Whistleblowers & Research, a US based nonpartisan educational organization, sought records of communications between Jay Clayton and people linked to the US SEC’s crypto enforcement decision when he was the Chair. Interestingly, the organization is focused on Clayton declaring Bitcoin as not a security and later on the agency’s lawsuit against Ripple.
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