XRP Price: Whale Shifts 60M Coins As Ripple Files Its Motion, What's Next?

Highlights

XRP price rises nearly 3%, reflecting the investors' confidence in the crypto.
A whale transfers 60M XRP recently, prompting speculation on its implications.
Ripple intensifies legal battle with SEC, filing a detailed motion challenging expert testimony.

The XRP price experiences a surge of nearly 3% today, bolstering investor confidence following Ripple’s recent escrow lockup of 800 million XRP. Concurrently, attention is drawn to significant whale activity amidst ongoing developments in the Ripple vs. SEC lawsuit.

Notably, the movement of 60 million XRP by a single whale to two crypto exchanges sparks speculation about its implications, with varied interpretations ranging from strategic selling to Ripple’s liquidity management strategy.

Whale Moves 60M XRP To Exchanges

According to Whale Alert, a single whale has shifted nearly 60 million XRP to two crypto exchanges. Notably, the same whale has also transferred a significant amount of XRP to these exchanges in recent days.

The Whale Alert report showed that an unknown whale, identified by the wallet address “r4wf7….h4Rzn” has shifted 31.87 million XRP, worth around $16.65 million, to the Bitso exchange. In addition, the same XRP whale has transferred 28.85 million XRP, valued at about $15.09 million, to the Bitstamp exchange.

Meanwhile, speculation mounts regarding the motive behind these transfers, with some viewing it as a strategic selloff while others speculate it may align with Ripple’s liquidity management strategy. Notably, the intertwined relationship between Ripple and Bitstamp adds complexity to the interpretation, as Ripple often leverages XRP transfers for global fund transfers.

Also Read: Ryan Salame Ex-FTX Exec Relinquishes Bahamas Property in Legal Settlement

Price & Performance Amid Legal Developments

In a recent escalation of its legal battle with the US Securities and Exchange Commission (SEC), Ripple has submitted a detailed letter to support its motion filed on April 22, 2024. Ripple aims to challenge the admissibility of expert testimony presented by the SEC, particularly focusing on the Declaration of Andrea Fox, which it argues goes beyond basic arithmetic.

On the other hand, the SEC defends Fox’s testimony as a simple summary of financial data, contending that it does not meet the criteria of an expert witness.

However, commenting on the development, pro-XRP lawyer Bill Morgan anticipates Ripple losing the motion but securing permission to depose Fox, sparking discussions in the cryptocurrency market. Similarly, lawyer Jeremy Hogan predicts the SEC’s victory in the motion, suggesting that even if Fox is deemed an expert witness, Ripple will likely be allowed to depose her rather than striking her testimony entirely.

Now, all eyes will be on what the SEC says in its reply brief scheduled for May 6, for potential cues on the future of the legal fight.

Meanwhile, as of writing, the XRP price was up 2.67% and traded at $0.5207, with its trading volume declining 43.15% to $1.01 billion over the last 24 hours. The Ripple’s native crypto has touched a high of $0.5243 and a low of $0.5067 in the last 24 hours.

Also Read: Ethereum Whales Move 36K ETH As Price Regains Momentum, What’s Next?

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Rupam Roy

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.

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