XRP Whales Shift 213M Coins As SEC Files Appeal In Ripple Lawsuit

XRP whales nabbed significant investor attention on Friday, moving hundreds of millions of coins in light of the latest development in the Ripple vs SEC lawsuit. On-chain data indicated nearly 213 million coins shifted by whales as the U.S. SEC filed for a ‘notice of appeal‘ against Judge Analisa Torres’ final judgment in the Ripple lawsuit. Meanwhile, XRP price took heat, mirroring a negative market sentiment across the broader industry in light of the SEC’s appeal and recent whale activity.

XRP Whales Transfer 213M Coins Sparking Speculations As SEC Files Appeal

According to the blockchain transaction tracker Whale Alert’s data, five XRP whale transactions occurred over the past day, resulting in the shuffling of nearly 213 million coins. As per the data, two transactions illustrated dumps to crypto exchanges, whereas one showed funds shifted between unknown wallets, and finally, two showcased accumulations.

The renowned whale address …Rzn shifted 30.38 million coins, worth $15.99 million, to the crypto exchange Bitso. Simultaneously, the same address shifted 19.22 million XRP, worth $10.12 million, to Bitstamp. Further, it’s worth mentioning that the wallet address r9s…nxL shifted 104.38 million coins, worth $54.66 million, to another new unknown wallet, sparking investor speculations. Lastly, two unknown addresses accumulated 30 million coins from Indodax, and 28.9 million coins from Binance.

Primarily, these transactions have set off waves of discussions among market participants as the U.S. SEC filed a notice of appeal against Judge Torres’ final judgment in the XRP lawsuit. The appeal states that the plaintiff SEC “hereby respectfully appeals to the United States Court of Appeals for the Second Circuit from the final judgment entered by this Court” as of August this year.

Simultaneously, pro-XRP attorney Bill Morgan took to X recently, revealing how the appeal poses a significant setback for the community as it comes just at the brink of a bull run. Morgan claims that the SEC sued the American blockchain payments company “just at the start of the last bull run and now files an Appeal on the anticipated eve of another bull run.”

Ripple’s Coin Takes Heat

At press time, XRP price noted a nearly 1% drop in value, mirroring a bearish sentiment in tandem with rising whale activity and the SEC’s appeal. The coin currently trades at $0.5267, with its intraday low and high being $0.5101 and $0.5386, respectively. XRP’s trading volume dipped 33% to $1.96 billion over the past day. This slumping movement reflects rising market concerns due to the SEC’s appeal filing and the abovementioned whale dumps.

Coinglass data further hinted at declining investor interest as XRP futures OI slipped 7% to $679.21 million. Further, even the derivatives volume plummeted 42% to $2.53 billion, raising concerns.

Nevertheless, another post by attorney Bill Morgan revealed that the bets of Ripple filing a cross-appeal remain high. It’s also worth mentioning that the SEC has not yet filed Form C with the Second Circuit, which will provide a clear picture of what exactly the regulator is appealing.