XRP Whale Transfers of 50M+ Coins Sparks Discussion Amid FIT21 Bill Speculation
Crypto News– XRP whale transfers: Just moments ago, the US House of Representatives approved the Financial Innovation and Technology for the 21st Century (FIT21) Crypto bill, sparking celebration within the crypto community. However, this development held particular significance for the Ripple community, as an XRP whale promptly released a substantial amount of XRP to centralized exchanges (CEXs).
To provide context, the relatively recent crypto bill reportedly includes provisions stating that certain digital assets sold or transferred under an investment contract may not automatically be classified as securities solely for that reason. According to pro-XRP lawyer Bill Morgan, Judge Torres played a significant role in ensuring that this provision was included in the FIT21 bill.
Despite opposition from the White House, the enactment of this new law could have a profound impact on the ongoing legal battle between Ripple and the SEC. Adding to this speculation is the recent activity observed among large XRP holders.
Large XRP Holder Transfers 50.78M Tokens, Igniting Curiosity
According to on-chain data from transaction tracker Whale Alert, a prominent XRP whale has sold off 50.78 million XRP following the passing of the bill into law. Interestingly, this was done through several separate transactions to centralized exchanges Bitstamp and Bitso.
In the first transaction, the whale transferred 29.14 million XRP to Luxembourg-based Bitstamp. Subsequently, in the second transaction, another 21.64 million XRP was transferred to Bitso.
The whale’s activity has prompted concerns, as many expected the positive news for Ripple to lead to increased accumulation rather than a sell-off. However, the reason behind the decision to offload the XRP tokens remains unclear. It’s worth noting that Ripple had previously collaborated with both exchanges, suggesting that there may be another strategic plan at play.
XRP Price Plummets
In the past 24 hours, the price of the XRP token has fluctuated, experiencing both gains and losses. However, at the time of writing, the XRP price was at $0.5283, reflecting a decrease of 1.13% compared to the previous day. According to CoinMarketCap data, the 24-hour trading volume has dropped by 32.63% to $1.12 billion, indicating a bearish sentiment for the token.
The price movement of XRP isn’t entirely unexpected, particularly in light of the recent whale activity mentioned earlier, which may have contributed to increased selling pressure.
FAQs
Who or what is an XRP whale?
An XRP whale typically refers to an individual or entity that holds a large quantity of XRP tokens, capable of influencing the market through their trading activity.
Why is the XRP whale’s transfer of over 50 million coins significant?
The transfer of such a large quantity of XRP coins by a single entity can have notable implications for the XRP market, potentially influencing prices and market sentiment.
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