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XRP Whales Move 153M Coins Amid SEC Appeal Against Ripple

XRP Whales Move 153M Coins Amid SEC Appeal Against Ripple

DailyCoinDailyCoin2024/10/04 21:06
By:DailyCoin
  • Massive XRP whale transfers have fueled market frenzy.
  • The SEC’s appeal has cranked up the heat.
  • The community has braced for potential cross-appeals.

XRP whales made waves Friday after shifting hundreds of millions of coins just as the U.S. Securities and Exchange Commission (SEC) filed a notice of appeal in its ongoing lawsuit against Ripple. On-chain data revealed that nearly 153 million XRP were transferred by prominent investors, fueling speculation and sparking volatility across the cryptocurrency market.

Whales Stir Up XRP Market

Blockchain transaction tracker Whale Alert reported three significant XRP whale moves within a single day, amounting to over 153 million coins. Two of these transactions were direct transfers to crypto exchanges, while another shuffled funds between anonymous wallets, adding to the intrigue.

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In one major transaction, a whale address moved 30.38 million XRP, valued at $15.99 million, to Bitso. The same address then sent another 19.22 million XRP, worth about $10.12 million, to Bitstamp. 

Meanwhile, a different wallet shifted a whopping 104.38 million XRP—valued at $54.66 million—to an unknown address, leaving investors buzzing with speculation about the nature of these high-stakes maneuvers.

SEC’s Appeal Threatens XRP’s Momentum

The SEC’s appeal against Judge Analisa Torres’ decision in the Ripple case landed in the United States Court of Appeals for the Second Circuit, rekindling the legal drama. Attorney Bill Morgan, a vocal XRP advocate, took to social media to share his concerns. 

He noted the timing of the SEC’s appeal is significant, as it aligns with a period of rising optimism around a potential bull run. Morgan, who has been following the case closely, pointed out that the SEC also filed its original lawsuit just before the last bull run, raising questions about the regulator’s motives. 

XRP Price Dips as Concerns Mount

At press time, XRP’s price dropped 1%, reflecting broader market apprehension. Trading at $0.5267, the coin saw an intraday low of $0.5101 and a high of $0.5386. Trading volume dropped sharply by 33% to $1.96 billion, underscoring the market’s nervousness.

Further data from Coinglass shows that open interest in XRP futures decreased by 7% to $679.21 million, while derivatives volume plunged by 42% to $2.53 billion. These numbers suggest that investor enthusiasm is cooling amid the uncertainty surrounding the SEC’s next move.

Attorney Morgan speculated that Ripple might consider filing a cross-appeal, although there’s no confirmation of this yet. The SEC is also yet to file Form C with the Second Circuit, which could clarify their specific appeal points. As the legal showdown continues, Ripple and its community brace for potential twists ahead.

On the Flipside

  • Declines in open interest and volume might reflect retail concerns, not necessarily institutional withdrawal.
  • XRP’s price drop, while slightly more volatile, aligns with general market trends, not solely SEC and whale actions.

Why This Matters

The timing of these massive XRP transactions, alongside the SEC’s renewed legal action, highlights how major players anticipate regulatory shifts, underscoring potential volatility in the crypto market. This event highlights how regulatory moves and whale activity can shape investor sentiment and influence broader market trends.

To learn more about the potential timeline and implications of the Ripple vs. SEC legal battle, read here:
Ripple vs SEC Legal Battle Could Extend to 2027—Here’s Why

To learn more about Ripple’s perspective on the SEC appeal and the broader regulatory landscape, read here:
Why Ripple Thinks the SEC Appeal is a Misstep and Won’t Succeed

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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