Whale Alert, a well-known Twitter account that reports large blockchain transactions, reports a large move of Ripple (XRP). According to the message, the whale an unprecedented amount of 29.3 million in XRP to trading platform Bitstamp, one of Europe’s largest crypto exchanges. The value of the transfer exceeded US$15 million.
🚨 29,300,000 #XRP (15,130,884 USD) transferred from unknown wallet to #Bitstamp
— Whale Alert (@whale_alert) August 24, 2023
A few hours earlier, the same whale also moved $13.8 million in XRP to Bitso. The combined value of the two transfers was more than $22 million.
Big sell-off of XRP is looming
Despite the somewhat positive ruling for Ripple in the US Securities and Exchange Commission (SEC) lawsuit, the XRP price has been struggling to maintain its upward trend ever since.
Evidence suggests that the great XRP whale is planning to sell this significant amount of XRP on the secondary market. Major investors appear to be responding to Judge Analisa Torres’ latest ruling by selling their XRP holdings.
In this ruling, the judge ruled in favor of the SEC to file an early appeal against the July ruling. This latest ruling has resulted in the price drop of XRP and may have had a greater impact on the crypto market.
After the sharp fall of more than 15% in the past week, XRP once again reached a support level around $0.50 that the Ripple digital coin is still struggling with. If the big traders and whales decide to sell their XRP, this could again have major consequences for the value of XRP.
Trial turmoil and anticipated jury trial
The procedure between the two parties still has many roads to go. Earlier this week, the lawsuit sparked turmoil as the SEC filed several requests for the remarkable withdrawal of three attorneys. The American regulator has now hired two new lawyers for further legal support in this long-running battle.
According to previous reports, Judge Torres has indicated that the court plans to schedule a jury trial against Ripple in the second quarter of 2024. Given the filing notice of default dates by the SEC and Ripple Labs, the lawsuit is expected to take place again between the end of April and mid-May of next year.
2023-08-26 18:16:45
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