XRP Whales Move 291M Coins Amid FIT21’s Relief To Ripple Community

In the wake of the U.S. House of Representatives voting on the Financial Innovation and Technology for the 21st Century Act (FIT21), XRP whales have shuffled massive amounts of tokens to CEXs, nabbing global attention as XRP’s price witnessed turbulency. Transacting crypto amid the United States clearance of the first-ever major crypto bill, these whales have sent tongues wagging across the broader crypto market.

Meanwhile, pro-XRP lawyer Bill Morgan has pointed out that per Judge Torres’ influence on FIT21, the crypto bill states that certain digital assets sold under an investment contract do not necessarily classify the asset as a security solely because it’s being sold or transferred within that investment contract. This development potentially comes as a game-changer for the Ripple vs SEC lawsuit, while the whale activity amid this has further echoed a speculative buzz across the crypto horizon.

XRP Whale Shifts 291M XRP Sparking Inferences

Notably, according to the data revealed by the on-chain transaction tracker Whale Alert, a renowned XRP whale was recorded dumping 50.78 million XRP in a couple of transactions to CEXs Bitstamp and Bitso again. Whereas, a whale accumulated a whopping 240.85 million XRP from Coincheck exchange.

The first transaction illustrated 29.14 million XRP transferred to Bitstamp, a Luxembourg City-based CEX. Whereas, the second transaction illustrated 21.64 million XRP was shifted to Bitso, a Mexico City-based CEX. Both transactions were done using the same wallet address, ..Rzn.

Further, the accumulation was noted to be done by the wallet address r99QSej32n. This wallet has been reported to make such colossal XRP accumulations from Coincheck in recent days.

Interestingly, the whales’ unexpected decision to offload and hoard XRP, in tandem with the positive news for Ripple, has added a layer of intrigue to these transactions. It’s worth noting that the whale dumping tokens has initiated such transactions promptly after Ripple collaborated with these exchanges, sparking further speculation.

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XRP Price Tumbles

As of writing, the XRP token’s price illustrated a 24-hour trading session in both red and green territories. The token’s price rested at $0.528, with a 0.96% dip over the past day. Further, the 24-hour trading volume plunged 37.07% to $1.12 billion, adding a bearish tint to the token.

This slipping price action potentially coincides with the increased selling pressure the token encountered with the abovementioned selloff. Further, the Futures and Options OI dipped 1.18% to $620.54 million, followed by a derivatives volume decrease of 40.73% to
$866.15 million, adding to bearish sentiments among investors.

However, the RSI stood at 51, signaling that the asset is taking a neutral market stance. This potentially allows bulls or bears to take control of the token in the future, although FIT21-birthed optimism for XRP prevails.

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