Ripple (XRP) Whales Pull $23.3M from Bybit, Rally Looms Amid SEC Appeal.

XRP whales have withdrawn 40 million XRP from Bybit, moving approximately $23.3 million to private wallets. Whale Alert flagged the large transaction, which adds to growing speculation of increased whale activity in Ripple (XRP).

40M XRP Moved to Unknown Wallet. Source: Whale Alert

This large-scale transaction adds to the ongoing buying spree by major investors, which also saw 30 million XRP tokens moved earlier this week.

Ripple (XRP) exchange outflow. Source: CryptoQuant

Crypto analytics firm CryptoQuant further revealed that nearly 71 million XRP tokens were withdrawn from exchanges on Sept. 26. So far today, over 55 million tokens have been pulled from trading platforms.

Token Eyes Potential Rally with Bulls Gaining Strength

As of Sept. 29, the XRP price is around $0.5888, down 0.68% over the last 24 hours. However, a 17.75% jump in trading volume, now at $1.2 billion, suggests growing interest.

XRP/USD market. Source: CoinMarketCap

If bullish trends continue, Ryan Lee from Bitget Research predicts a potential 30% price surge for XRP. He attributes this forecast to possible positive developments in Ripple’s ongoing legal case with the SEC.

Further supporting this bullish outlook, analysts on social media have expressed confidence in XRP’s trajectory. Popular crypto influencer Dark Defender tweeted that a breakout is “imminent,” calling for the XRP Army to prepare.

XRP/USD bullish price outlook. Source: Carl Runefelt

Additionally, Carl Runefelt, known as The Moon on X, posted that XRP could see a parabolic surge, targeting $1.34 — a 221% gain — if it breaks out of a massive triangle pattern.

Commission Poised to Appeal Ripple Ruling, Sparking Fresh Concerns

Moreover, a former SEC attorney has indicated that the agency will likely appeal Judge Analisa Torres’s July 2023 ruling in the Ripple case, which declared that XRP sales cannot be considered a security transaction.

SEC Expected to Appeal Ripple Ruling in Ongoing Lawsuit, Source: Eleanor Terrett

Speaking to Fox Business journalist Eleanor Terrett, the former SEC lawyer said the agency believes the ruling is flawed and could have broad implications for the cryptocurrency market. Notably, the appeal deadline is set for Oct. 7, and speculation is growing over the SEC’s next move.

The post Ripple (XRP) Whales Pull $23.3M from Bybit, Rally Looms Amid SEC Appeal appeared first on CoinChapter.

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