Whale Moves 29 Million XRP to Exchange
Following Judge Torres' summary judgment that XRP is not a security, investors are losing confidence in the cryptocurrency and selling off their holdings. Adding to the concern, a significant whale has transferred 29 million XRP, valued at over $15 million, to a crypto exchange, suggesting a possible sell-off.
According to Whale Alert, a large holder moved 29.3 million XRP to Bitstamp exchange on August 24. This move comes after the whale had previously transferred 14 million XRP to Bitso just hours earlier, indicating a selling trend.
SEC Appeal Decision Triggers Market Downturn
Judge Torres' decision to allow the SEC to submit an appeal regarding XRP token sales has had a significant impact on the market. As a result, the XRP price has experienced a sharp decline, breaching crucial support levels.
While the XRP price is currently recovering from the support level at $0.5, there is a considerable risk of a significant drop if traders and whales continue to liquidate their holdings.
Trial Between Ripple and SEC Expected in Q2 2024
The trial between Ripple and the SEC is anticipated to take place around the end of April or mid-May, aligning with court notifications from both parties. This announcement initially caused a rebound in the XRP price, but the bullish momentum could not be sustained.
XRP Price Declines by 3% in 24 Hours
Over the past 24 hours, the value of XRP has declined by over 3%. It is currently trading at $0.51, fluctuating between $0.510 and $0.528. Additionally, the trading volume has seen a decrease in the same period.
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