A dramatic turn of events Ripple (XRP) Holders, often referred to as “whales,” have unleashed a massive wave of token dumps ahead of Ripple’s $125 million settlement with the U.S. Securities and Exchange Commission (SEC). Hundreds of millions of XRP tokens have flooded centralized exchanges, shaking the market and increasing uncertainty and speculation about the cryptocurrency’s immediate future.
Whale Releases 114 Million XRP Tokens on Exchanges
In a move that caught the attention of the entire cryptocurrency market, XRP whales transferred a whopping 114.34 million tokens to centralized exchanges in just one day. Blockchain transaction tracker Whale Alert identified the significant transactions, including 54.34 million XRP transferred to major exchanges such as Bitstamp and Bitso. Notably, these transactions were linked to well-known Ripple whale addresses ending in … Rzn.
In addition to the selling pressure, another whale address ending with rPz2 sold 60 million XRP to Binance, worth approximately $34.19 million. This massive transaction coincided with a notable drop in the price of XRP, raising concerns among investors about the potential impact on the broader market.
Ripple’s $125 Million SEC Settlement: A Catalyst for Market Volatility
The timing of this whale move is particularly significant, as it comes just days before Ripple is set to pay a $125 million settlement in an ongoing SEC lawsuit as ordered by Judge Analisa Torres. The imminent settlement has only heightened market speculation, with many wondering if this whale action is directly related to the legal proceedings.
The cryptocurrency community is abuzz with theories, especially after prominent XRP enthusiast JackTheRippler highlighted that consensus is expected to be reached within the next nine days. This has led to heightened scrutiny of whale activity and its potential impact on XRP price stability.
XRP Price Falls Amid Market Uncertainty
At the time of writing, the price of XRP is down 1.5% and trading at $0.5651. The token has been fluctuating between $0.5593 and $0.5754 over the past 24 hours, reflecting the market’s reaction to the significant whale dump. The broader cryptocurrency markets have also been lackluster, further contributing to XRP’s downtrend.
Despite the bearish sentiment, some analysts maintain a bullish long-term outlook for XRP. Crypto analyst Egrag predicted that XRP could surge to $27 after breaking the major resistance level of around $0.75, as shown by Fibonacci analysis. Other market observers shared this optimism, citing Ripple’s ongoing legal strategy and favorable on-chain indicators as indicators of a potential uptrend.
As the settlement date approaches, market participants are on high alert and closely monitoring XRP price movements and whale activity. The next few days could be a turning point for Ripple and the broader cryptocurrency landscape.
Also Read: Ripple Issues Critical Warning for XRP Holders: What This Means for Altcoin Markets