A renowned XRP whale has begun the new week on a high note, moving a massive 32 million coins from a blockchain wallet to a centralized crypto exchange. This recent transaction comes amid the ongoing legal case between Ripple and the Securities and Exchange Commission. The SEC recently opposed Ripple’s motion to seal remedies-related documents, adding another layer to the saga between both entities.
Against the backdrop of this development, this whale has shifted a significant amount of the XRP coin, raising speculations among investors and market participants who are closely watching the price reaction of the coin following this. Let us take a closer look at it.
Popular Whale Shifts 32 Million XRP
WhaleAlert, a large cryptocurrency transaction tracker, has drawn our attention to a transaction involving a massive amount of XRP coins in the last 24 hours. According to the data, the whale moved exactly 31,800,000 XRP (worth $16,870,003) from a wallet initially identified as ‘unknown’ to the CEX Bitstamp. However, upon further check, it was found that the wallet associated with this transaction was the notable address r4wf7…4Rzn.
31,800,000 #XRP (16,870,003 USD) transferred from unknown wallet to #Bitstamphttps://t.co/zUGkBj87A2
— Whale Alert (@whale_alert) May 26, 2024
This wallet address has been involved in huge XRP transactions for a couple of months now, sparking discussions and guesses about the entity behind it. Particularly, the Luxembourg-based crypto exchange Bitstamp has received significant amounts of XRP coins since the blockchain giant Ripple acquired an undisclosed stake in the company.
Meanwhile, in the court case between Ripple and the SEC, It’s also important to note that in the remedies briefing before Judge Torres, the U.S. SEC filed a response opposing Ripple’s move to seal important documents. All of these changes have further enhanced the mystery around the purpose of the XRP whale transaction.
XRP Price Movement Amid Massive Dump
The price of XRP has suffered a notable drop following the 32 million dumped by the whale. According to CoinMarketCap data, XRP has declined by 2.16% to trade at $0.52 in the last 24 hours. However, its trading volume has surged by 20% within the recorded time to $735 million with a live market cap of $29.2 billion.
Source: CoinMarketCap
What is more, the volume of derivatives traded fell 3.79% to $526.51 million, while XRP’s Futures Open Interest decreased by 0.26% to $617.99 million. This demonstrates the declining interest of investors in the asset. Finally, XRP has traded between the range of $0.5243 and $0.5395 over the last day.
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