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As XRP (XRP) struggles to maintain upward momentum following Judge Analisa Torres’s summary judgment in the United States Securities and Exchange Commission v. Ripple Labs case, which determined that XRP is not a security, investors appear to be selling off their holdings. Adding to this pressure, a significant whale has moved 29 million XRP, valued at over $15 million, to a crypto exchange amid a price decline approaching key support levels.
Whale Alert reported on August 24 that a large holder transferred 29.3 million XRP, worth $15.13 million, to the Bitstamp exchange. Additional data suggests the possibility that this whale might be preparing to sell their XRP assets, as the same entity had moved 14 million XRP to the Bitso exchange just a few hours earlier.
The decision by Judge Torres to permit the U.S. SEC to submit an interlocutory appeal regarding XRP token sales had a significant impact, triggering a notable market downturn. This led to a sharp decline in XRP’s price, breaching crucial support levels of $0.60 and $0.50.
29,300,000 #XRP (15,130,884 USD) transferred from unknown wallet to #Bitstamp https://t.co/DhcHkKNdzc
— Whale Alert (@whale_alert) August 24, 2023
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Presently, XRP’s price is recovering from the support level at $0.50, but there is a substantial risk of a significant drop if traders and whales opt to liquidate their holdings.
In the meantime, the trial between Ripple and the SEC is anticipated to occur around the end of April or mid-May. This timing aligns with court notifications from both the SEC and Ripple Labs, along with CEO Brad Garlinghouse and executive chairman Chris Larsen, who cited their unavailability in the second quarter of 2024. In response, XRP’s price experienced a rebound; however, the bullish momentum was not sustained.
Related: SEC v. Ripple: Attorneys leave SEC side, both groups add new lawyers
Over the past 24 hours, the value of XRP declined by over 3% and is currently trading at $0.51. The price fluctuated between $0.510 and $0.528 within this period. Additionally, trading volume has witnessed a decrease in the past 24 hours.
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