Cointelegraph Team
Cointelegraph
As XRP struggles to maintain upward momentum following Judge Torres' summary judgment in the US SEC v. Ripple Labs case that XRP $0.51 isn't a security, investors appear to be selling off their holdings. Adding to this, a significant whale has moved 29 million XRP, valued at over $15 million, to a crypto exchange amid a price decline approaching the support level.
Whale Alert posted on Aug. 24, that a large holder transferred 29,300,000 XRP worth $15.13 million to Bitstamp exchange. Additional information suggests the possibility that this whale might be selling its XRP assets, as it had previously moved 14 million XRP to Bitso just a few hours earlier.
The decision by Judge Torres to permit the U.S. Securities and Exchange Commission (SEC) to submit an interlocutory appeal regarding XRP token sales had a significant impact, triggering a notable market downturn. This led to a sharp decline in the XRP price, breaching crucial support levels of $0.6 and $0.5.
29,300,000 #XRP (15,130,884 USD) transferred from unknown wallet to #Bitstamphttps://t.co/DhcHkKNdzc
— Whale Alert (@whale_alert) August 24, 2023
Presently, the XRP price is recovering from the support level at $0.5, but there exists a substantial risk of a significant drop if traders and whales opt to liquidate their holdings.
In the meantime, the trial between Ripple and the SEC is anticipated to occur around the end of April or mid-May. This timing aligns with the court notification from both the SEC and Ripple Labs, along with CEO Brad Garlinghouse and executive chairman Chris Larsen, who cited their unavailability in the second quarter of 2024. In response, the XRP price experienced a rebound; however, the bullish momentum was not sustained.
Related: SEC v. Ripple: Attorneys leave SEC side, both groups add new lawyers
Over the past 24 hours, the value of XRP declined by over 3%, currently trading at $0.51. The price fluctuated between $0.510 and $0.528 within this period. Additionally, the trading volume has witnessed a decrease in the past 24 hours.
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