Crypto News- Whale Dumped XRP; Investors have been closely watching XRP amid the ongoing legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC). Recent large XRP transfers by whales have raised concerns, despite positive developments within the XRP ecosystem.
Whale Dumped XRP
According to a recent report from Whale Alert, an entity transferred 26.8 million XRP tokens, valued at $14.24 million, from an undisclosed wallet to the Bitstamp exchange. This significant transfer has sparked speculations in the market about a potential upcoming sell-off.
Typically, when funds flow into an exchange, it suggests that market participants are considering selling their assets. Conversely, when funds exit an exchange, it often indicates that investors intend to hold onto their cryptocurrencies.
Adding to the unease among traders, another substantial transfer was observed in the market. In a separate transaction, a whale moved 20.40 million XRP tokens, equivalent to $10.83 million, from an undisclosed wallet to the Bitso exchange.
These recent transactions and growing speculations have led to a slight dip in the cryptocurrency’s price today. Nevertheless, XRP had experienced significant gains recently, thanks to positive developments within the Ripple ecosystem.
Ripple’s Recent Triumphs
On October 3, Judge Analisa Torres, in a follow-up to her historic Summary Judgment in the XRP Lawsuit delivered in July 2023, denied the SEC’s request for an interlocutory appeal. This decision reaffirms the earlier ruling that retail XRP buyers did not anticipate profits from Ripple, potentially marking a victory for the company.
This is one of several wins that have boosted investor confidence. Additionally, on the same day that the U.S. court denied the SEC’s request, Ripple achieved a significant milestone with its Singapore subsidiary.
The subsidiary received provisional approval for its Major Payments Institution (MPI) license from the Central Bank of Singapore after four months of dedicated efforts. This approval allows Ripple to provide digital payment token services in Singapore under its full MPI license.
Furthermore, Ripple gained recognition by securing a coveted spot on the prestigious Fintech 100 list. This achievement not only underscores Ripple’s commitment to revolutionizing the financial sector but also solidifies its position as a leading global fintech innovator.
Despite these positive developments, the price of XRP declined by 1.18% in the last 24 hours, trading at $0.523 at the time of writing. Its one-day trading volume also fell by 38.47% to $1.01 billion, while its market capitalization decreased by 1.16% from the previous day to $27.87 billion.
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