- August 28, 2023
- Posted by: [email protected]
- Category:
The XRP market faces headwinds as investors respond to Judge Analisa Torres’ summary judgement in the case of the United States Securities Exchange Commission v. Ripple Labs, affirming XRP’s non-security status. In this challenging climate, it appears that investors are offloading their XRP holdings. Moreover, a notable whale has initiated the transfer of 29 million XRP, valued at over $15 million, to a cryptocurrency exchange, coinciding with a price drop approaching a key support level.
On August 24, Whale Alert reported a significant transfer, with a large holder moving 29.3 million XRP, equivalent to $15.13 million, to the Bitstamp exchange. Notably, this particular whale had previously moved 14 million XRP to Bitso just hours prior, fueling speculation of a potential sale of their XRP holdings.
Judge Torres’ decision to grant the U.S. SEC the opportunity to file an interlocutory appeal regarding XRP token sales sent shockwaves through the market. This event triggered a substantial downturn, causing XRP’s price to sharply decline and breach crucial support levels at $0.6 and $0.5.
Presently, XRP is in the process of recovering from the $0.5 support level, yet there remains a looming risk of a substantial drop if traders and prominent holders choose to liquidate their assets.
Meanwhile, the legal battle between Ripple and the SEC is slated for late April or mid-May. This timeline aligns with court notifications from both the SEC and Ripple Labs, including CEO Brad Garlinghouse and Executive Chairman Chris Larsen, who cited their unavailability in the second quarter of 2024. This news initially prompted a resurgence in XRP’s price; however, the bullish momentum proved short-lived.
Over the past 24 hours, XRP has experienced a decline of over 3% and is currently trading at $0.51. During this period, its price fluctuated between $0.510 and $0.528, accompanied by a reduction in trading volume over the same timeframe. These developments underscore the uncertainties surrounding XRP’s price trajectory amid ongoing legal proceedings and market dynamics.
