In the broader cryptocurrency markets, Ripple (XRP) is attracting a lot of attention in the wake of the latest developments in the SEC vs. Ripple case. Large amounts of XRP tokens are being transferred to CEX by a well-known whale in the cryptocurrency markets, which may lead to volatility in the price performance of the token.
Massive Transfer in Ripple
According to recent data, this well-known XRP whale has transferred around 32 million XRP to exchanges in the last 24 hours. This has led to speculation about the future price of the Ripple Labs-backed cryptocurrency. According to Whale Alert, whales transferred a substantial amount of XRP to Luxembourg City-based CEX Bitstamp. Over the past 24 hours, 31.8 million XRP were transferred, worth a total of $16.87 million.
This trade raised suspicions due to the conflicting nature of the transactions amid promising FIT21 speculation. The adoption of the FIT21 crypto bill is good news for the Ripple community, as it clarifies which cryptos should be classified as securities.
However, in Judge Torres’ resolution briefing, the US Securities and Exchange Commission moved to oppose Ripple’s request to seal critical papers. These developments, taken together, added to the activity surrounding the XRP whale deal. Furthermore, the XRP whale’s transactions have recently become a repeating phenomenon in the worldwide crypto community.
Interest in Ripple among investors
The price of XRP has decreased by 2.05% over the past day and is now trading at $0.5274. According to derivatives data from Coinglass, investor sentiment regarding the coin was also unfavorable. Open interest in futures for XRP decreased by 0.26% to $617.99 million, while the volume of its derivatives decreased by 3.79% to $526.51 million. This revealed a decline in investor enthusiasm for the token.
However, the RSI remained near 50, indicating that the altcoin is neither overbought nor oversold. Combined with the aforementioned changes, these facts left crypto analysts and investors on edge, indicating that the token’s future moves would be unclear.
In a nutshell,
Ripple (XRP) has sparked tremendous interest in the broader crypto markets. A prominent whale sent 32 million XRP to an exchange. XRP’s price fell 2.05% in the previous 24 hours.
