Large XRP Holder Transfers 29 Million Coins to Bitstamp Amidst Declining Prices

“XRP Mega-Investor Shifts 29 Million Tokens to Bitstamp Amidst Dwindling Prices”

Recent developments hint at the likelihood that this sizable XRP holder might be offloading their XRP portfolio, given that they had already transferred 14 million XRP to Bitso just a short while earlier.

As XRP grapples at the $0.51 mark, struggling to sustain any upward thrust following Judge Analisa Torres’ summary judgment in the SEC versus Ripple Labs lawsuit that determined XRP’s non-securities status, traders seem to be divesting themselves of their XRP assets. In sync with this, a notable market participant—referred to as a “whale”—has moved an impressive 29 million XRP, amounting to a value exceeding $15 million, to a cryptocurrency exchange amidst a price drop that’s inching closer to the support threshold.

Whale Alert, a platform that tracks significant cryptocurrency transactions, made an alert on August 24 detailing the transfer of 29.3 million XRP, which is valued at $15.13 million, to the Bitstamp exchange. Moreover, supplementary information fuels speculation that this particular whale might be strategically shedding their XRP holdings. This inference is drawn from their recent move of 14 million XRP to Bitso just a few hours preceding this event.

The decision of Judge Torres to greenlight the U.S. SEC’s pursuit of an interlocutory appeal concerning XRP token sales had far-reaching ramifications, sparking a pronounced downturn across the market. This, in turn, triggered a substantial price slide for XRP, causing it to breach its crucial support levels at $0.6 and $0.5.

At the present moment, XRP’s valuation is showing signs of recovery from the support base at $0.5. However, there remains a tangible risk of a substantial plunge if both traders and whales opt to liquidate their XRP stakes.

Simultaneously, the impending trial between Ripple and the SEC is anticipated to unfold towards the close of April or the middle of May. This schedule corresponds with announcements made by both the SEC and Ripple Labs, as well as the top executives Brad Garlinghouse and Chris Larsen, who alluded to their unavailability in the second quarter of the following year. Following this revelation, XRP’s value encountered a brief resurgence, although the bullish impetus was transient.

Over the last 24 hours, the worth of XRP has dwindled by a little over 3%, and the current trading price stands at $0.51. The price action during this period oscillated between $0.510 and $0.528. Additionally, the trading volume has evidenced a decline over the past day.