NewsletterXRP 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?
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.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- BlackRock Bitcoin ETF Ranks Among Top ETFs In 2025 Despite Crypto Downturn
- Stablecoin Adoption Deepens as Klarna Turns to Coinbase for Institutional Liquidity
- Ripple, Circle Could Gain Fed Access as Board Seeks Feedback on ‘Skinny Master Account’
- Fed’s Williams Says No Urgency to Cut Rates Further as Crypto Traders Bet Against January Cut
- Trump to Interview BlackRock’s Rick Rieder as Fed Chair Shortlist Narrows to Four
- Will Solana Price Hit $150 as Mangocueticals Partners With Cube Group on $100M SOL Treasury?
- SUI Price Forecast After Bitwise Filed for SUI ETF With U.S. SEC – Is $3 Next?
- Bitcoin Price Alarming Pattern Points to a Dip to $80k as $2.7b Options Expires Today
- Dogecoin Price Prediction Points to $0.20 Rebound as Coinbase Launches Regulated DOGE Futures
- Pi Coin Price Prediction as Expert Warns Bitcoin May Hit $70k After BoJ Rate Hike
- Cardano Price Outlook: Will the NIGHT Token Demand Surge Trigger a Rebound?
