XRP Whale Sells 29M Tokens as Price Slumps, Sending Shockwaves
• A large XRP whale has transferred 29 million tokens to crypto exchange Bitstamp, amidst the price slide of XRP.
• This follows Judge Analisa Torres’ summary judgement that XRP is not a security and investors appear to be selling off their holdings.
• The trial between Ripple and the SEC is expected to take place in Q2 2024, resulting in a rebound of XRP’s price but failing to sustain bullish momentum.
XRP Whale Moves 29 Million Tokens Amid Price Slide
A large holder of XRP has moved 29.3 million tokens worth $15.13 million to the crypto exchange Bitstamp, amid a slide in prices approaching a support level. This follows Judge Analisa Torres’ summary judgement that XRP is not a security, prompting investors to sell their holdings and triggering a notable market downturn.
SEC V Ripple Lawsuit
The U.S Securities Exchange Commission (SEC) and Ripple Labs are due for their legal battle around the end of April or mid-May 2024. Both parties have cited unavailability during this time period, leading to an initial rebound of XRP’s price but lacking any sustained bullish momentum.
Price Drop and Recovery
In response to the news from both entities, XRP’s price experienced a drop below crucial support levels of $0.6 and $0.5 before attempting recovery at its current value trading at around $0.51 within 24 hours with decreased trading volume compared to previous days .
Whale Activity
Adding fuel to this fire was the large whale who transferred 14 million tokens just hours before transferring another 29 million tokens from an unknown wallet to Bitstamp exchange – suggesting they may be selling off their assets due to declining prices and uncertain future outlooks for XRP token sales following Judge Torre’s ruling..
Conclusion
As the legal battle between Ripple Labs and the SEC continues, uncertainty remains as traders wait out bearish trends in anticipation for potential developments regarding token sales regulations governing cryptocurrency projects like Ripple Labs’.
