XRP Whale Dumps 31M Coins As Ripple Lawsuit Nears Major Decision

Kelvin Munene Murithi
November 1, 2024
Why Trust CoinGape
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 Whale Dumps 31M Coins As Ripple Lawsuit Nears Major Decision

Highlights

  • XRP Whale Moves 31M Tokens to Bitso, signaling possible sell-off pressure near $0.50 support.
  • Grayscale’s XRP ETF application gains SEC acknowledgment amid Ripple’s legal clash.
  • XRP forms bullish inverse head-and-shoulders pattern; breakout above $0.58 could spark rally.

A massive transfer of 31.1 million XRP tokens, worth approximately $15.8 million, was detected moving from an unidentified wallet to the crypto exchange Bitso. This large transaction has caught the attention of the XRP community, as it coincides with critical developments in Ripple’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC).

Advertisement
Advertisement

XRP Whale Dumps 31 Million Coins

The large transfer, flagged by blockchain tracking service Whale Alert, comes amid heightened market activity and speculation around Ripple’s future. The movement of such a considerable amount of XRP into an exchange wallet often signals an impending sale, which can exert downward pressure on XRP’s price. 

This move comes amid a recent court order, where a U.S. judge directed Ripple Labs, its CEO Brad Garlinghouse, and other parties to consider a potential “alternative resolution” before the case advances further. The order comes as Ripple has requested a final judgment on class-action claims of securities law violations.

Image

Amid these legal uncertainties, crypto analyst Egrag Crypto has shared insights on social platform X, predicting that XRP could be on the verge of a rally. He noted a symmetrical triangle pattern on XRP’s price chart, a formation often associated with impending volatility as the asset price narrows toward a convergence point.

Egrag Crypto identified a breakout target of $0.5930, which is notably higher than Ripple’s token current trading price of approximately $0.5183. Should XRP break this threshold, it could face a resistance level at $1.5000, with further potential to climb as high as $7.5000, according to his analysis. This would represent a 1,347% increase from current levels.

Advertisement
Advertisement

Grayscale Receives Acknowledgment from US SEC

Amid these legal proceedings, there is growing interest in the potential approval of an XRP-focused exchange-traded fund (ETF). The U.S. SEC has formally acknowledged Grayscale’s application to convert its Digital Large Cap Fund (GDLC) into an ETF, which includes exposure to Ripple’s token, Bitcoin, Ethereum, and other major cryptocurrencies. 

Grayscale’s move to include Ripple’s token in its ETF application could provide institutional investors with regulated access to XRP, should the SEC approve the conversion.

Image

Grayscale’s filing follows recent XRP ETF applications from Bitwise and Canary Capital. Ripple’s CEO, Brad Garlinghouse, has consistently expressed confidence that an XRP ETF is “inevitable,” especially following the approval of Bitcoin and Ethereum ETFs.

Advertisement
Advertisement

XRP Price Struggles Near Support Level

XRP’s price has been trading near a crucial support level around $0.50, and the recent whale movement adds to concerns over potential volatility. Technical analysis shows that XRP has formed an inverse head-and-shoulders pattern on the 4-hour chart, which is generally seen as a bullish reversal signal.

If the Ripple token price can hold above the $0.50 support and break above the neckline around $0.58, it could indicate a trend reversal.

XRP/USD 4hr Price Chart (source: TradingView)

However, the Chaikin Money Flow (CMF) indicator is currently at a neutral level, suggesting limited buying pressure. The Relative Strength Index (RSI) is also hovering near the oversold region, which implies the asset has been under downward pressure recently. For XRP to experience a sustained recovery, increased buying interest will be necessary, especially given the ongoing legal uncertainty and whale activity.

Advertisement
coingape google news coingape google news
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
Kelvin Munene is a crypto and finance journalist with over 5 years of experience, offering in-depth market analysis and expert commentary . With a Bachelor's degree in Journalism and Actuarial Science from Mount Kenya University, Kelvin is known for his meticulous research and strong writing skills, particularly in cryptocurrency, blockchain, and financial markets. His work has been featured across top industry publications such as Coingape, Cryptobasic, MetaNews, Cryptotimes, Coinedition, TheCoinrepublic, Cryptotale, and Analytics Insight among others, where he consistently provides timely updates and insightful content. Kelvin’s focus lies in uncovering emerging trends in the crypto space, delivering factual and data-driven analyses that help readers make informed decisions. His expertise extends across market cycles, technological innovations, and regulatory shifts that shape the crypto landscape. Beyond his professional achievements, Kelvin has a passion for chess, traveling, and exploring new adventures.
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.