XRP Price: Whale moves 32 million coins as Judge Torres' decision looms: what will be the next step?
Amid the frenzy surrounding the US SEC's opposition to Ripple's motion and the passage of the FIT21 cryptocurrency law, an XRP whale has dumped a significant amount of coins on the Bitstamp cryptocurrency exchange. This significant transaction increased volatility and speculation in the XRP market.
Whale dumps XRP amid SEC opposition and FIT21 frenzy
Following the US SEC's opposition to Ripple's motion to seal remedy documents, a major XRP whale has attracted a lot of attention. This whale dumped nearly 32 million XRP coins on a centralized exchange (CEX), potentially impacting the token's price volatility.
On-chain data from Whale Alert reveals that this popular XRP whale has transferred approximately 31.8 million XRP, worth $16.87 million, to Bitstamp in the past 24 hours. This move sparked widespread speculation about the future price movements of XRP, a cryptocurrency backed by Ripple Labs.
The crypto community is already abuzz over the uncertain implications of the FIT21 bill, a potential game changer for the XRP cause. The passage of the FIT21 cryptocurrency law is seen as optimistic news for the Ripple community, as it provides clarity on the classification of cryptocurrencies as securities. However, the US SEC's recent opposition to Ripple's motion to seal key documents adds an additional layer of complexity to the situation.
