- Amid the ongoing bustle due to the U.S. SEC’s opposition to Ripple’s motion and the green lighting of the FIT21 crypto bill, an XRP whale dumped 32 million coins to a Luxembourg-based CEX.
- Despite the passing of the FIT21 crypto bill, the whale has conversely offloaded tokens.
- XRP price continues to trade in the red.
An XRP whale has dumped 32 million XRP amid the U.S. SEC’s opposition to Ripple’s motion and the passing of the FIT21 crypto bill, raising questions about the token’s future price movements.
Whale Dumps XRP Amid SEC’s Opposition & FIT21 Frenzy
According to data by Whale Alert, the whale has once again shifted massive amounts of XRP to Bitstamp, a Luxembourg City-based CEX. Notably, 31.8 million XRP, worth $16.87 million, was recorded to be transferred in the past 24 hours.
This transfer has sparked speculation primarily due to the contrasting nature of the transaction amid FIT21’s optimistic buzz. Notably, the passing of the FIT21 crypto bill stages as optimistic news for the Ripple community, giving clarity on what cryptos should be classified as securities.
SEC’s Opposition to Ripple’s Motion
However, it’s also worth noting that the U.S. SEC has filed to oppose Ripple’s motion to seal key documents in the remedies briefing before Judge Torres. These developments, collectively, have further added a layer of intrigue to the XRP whale transaction’s motive.
XRP Price Falls
While writing, the XRP token noted a 2.05% dip in its price in the past 24 hours and is currently trading at $0.5274. Derivatives data by Coinglass further illustrated a bearish sentiment among investors for the token.
XRP’s Futures Open Interest slipped 0.26% to $617.99 million, and the derivatives volume plunged 3.79% to $526.51 million. This underscored reduced investor interest in the asset.
Market Sentiment and Future Outlook
Meanwhile, the RSI hovered at around 50, hinting that the asset is neither overbought nor oversold. This data, coupled with the abovementioned developments, has kept crypto traders and investors on their toes, flagging uncertain movements for the token ahead.
Additionally, pro-XRP lawyer Bill Morgan has recently spotlighted further vital market statistics for the Ripple-backed token. In a post shared on X today, Morgan rationalized as to why Ripple’s decision to not burn XRP escrow has no significant implications on price.
Conclusion
The recent actions of the XRP whale, combined with the SEC’s opposition and the FIT21 bill’s implications, have created a complex landscape for XRP investors. While the token’s price has dipped, the market remains watchful of future developments. Investors should stay informed and consider these factors when making decisions.
