Whales Selling Heavily As Ripple To Pay US SEC This Week.
According to on-chain data revealed by Whale Alert on September 2, a whopping 1 billion XRP was shifted to Ripple over the past day by whales in a series of transactions. Moreover, a 20 million XRP dump was made to Bitstamp exchange by a well-known whale address, ..Rzn.
These transactions, underscoring increased selling pressure on the asset, have sparked bearish sentiments among market participants. Notably, the dump transactions appear to be on the rise, with $125 million payment to the SEC looms this week.
The crypto firm is set to pay $125 million in a legal maneuver in the XRP lawsuit this week. The company has 200 million in XRP coins from the unlocks.
However, itâs also worth noting that Ripple recently locked 800 million XRP in escrow. This comes after 1 billion XRP were unlocked from escrow. Altogether, these massive movements have sparked market uncertainty about the crypto assetâs future performance.
In response to whales selling XRP news, XRP price slipped 1.5% and is sitting at $0.5503. The coinâs 24-hour lows and highs were $0.5448 and $0.5618, respectively. Notably, todayâs waning movement primarily aligns with the increased selling pressure to the asset, as mentioned above.
However, in light of the companyâs new banking plan, an XRP price analysis by CoinGape Media suggested that the token could rise as high as $4 ahead.
Nonetheless, Coinglass data added to contrasting sentiments on the crypto asset. The coinâs OI dipped 1.15% to $608.68 million today. Besides, the derivatives volume surged 65% to $823.89 million.
Also, itâs worth mentioning that the coinâs RSI rested along the 42 mark, hinting that the asset is neither overbought nor oversold at present. Crypto market enthusiasts continue to extensively eye XRP as massive whale dumps emerged as a noteworthy XRP news today.
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