XRP News Update: Whales Trigger Investor Anxiety Amid $125M Ripple Settlement with SEC

XRP News Update: Whales Trigger Investor Anxiety Amid $125M Ripple Settlement with SEC

XRP News Update – The XRP market is facing heightened concerns as major holders, often referred to as “whales,” are offloading significant amounts of the cryptocurrency. This sell-off comes just ahead of Ripple’s anticipated $125 million settlement with the U.S. Securities and Exchange Commission (SEC). On-chain analytics have highlighted the movement of nearly 1 billion XRP within the last 24 hours, fueling speculation about the token’s future price trajectory. Additionally, recent large-scale escrow transactions by Ripple have intensified uncertainty surrounding XRP’s price outlook.

Whales Offload Nearly 1 Billion XRP

Data from Whale Alert on September 2 reveals that a staggering 1 billion XRP was transferred to Ripple by whales over the past day, spread across several large transactions. Among these, a notable whale address ending in ..Rzn dumped 20 million XRP onto the Bitstamp exchange.

These transactions have amplified selling pressure on XRP, triggering a wave of bearish sentiment among investors. With Ripple’s $125 million settlement payment to the SEC imminent, these sell-offs have only added to market jitters.

Ripple is expected to finalize the $125 million payment this week as part of its ongoing legal battle over the XRP lawsuit. Following a recent unlock of 1 billion XRP, Ripple has placed 800 million XRP back into escrow. These substantial movements have left market participants questioning the cryptocurrency’s future performance.

XRP Price Slips Amid Sell-Off

In the wake of these significant whale sell-offs, XRP’s price has dropped by 1.5%, currently trading at $0.5503. The token’s daily range has seen lows of $0.5448 and highs of $0.5618. The price decline appears closely tied to the increased selling pressure highlighted above.

Despite the current downturn, there are contrasting views on XRP’s future. According to an analysis by CoinGape Media, the cryptocurrency could potentially climb to $4, driven by Ripple’s upcoming banking initiatives.

However, data from Coinglass paints a more mixed picture. Open Interest (OI) in XRP has decreased by 1.15%, standing at $608.68 million, while derivatives trading volume has surged by 65% to $823.89 million. Additionally, XRP’s Relative Strength Index (RSI) is hovering around 42, indicating that the asset is neither in an overbought nor oversold state. As these developments unfold, the market remains on edge, closely monitoring the impact of whale activity on XRP’s future.