Investors appear to be liquidating their positions as Ripple (XRP) struggles to maintain growth following Judge Torres’ summary finding in the US SEC v. Ripple Labs case that XRP isn’t a security. Additionally, following a recent price decrease, a whale moved over 29 million XRP, worth over $15 million, to the Bitstamp cryptocurrency exchange.
According to a Whale Alert article on August 24, the whale transferred 29,300,000 XRP worth $15.13 million to the Bitstamp.
?? 29,300,000 #XRP (15,130,884 USD) transferred from unknown wallet to #Bitstamphttps://t.co/DhcHkKNdzc
— Whale Alert (@whale_alert) August 24, 2023
Additional information raises the probability that this whale may be angling to sell its XRP holdings because it recently transferred another 14 million XRP to Bitso.
Although Ripple (XRP) has become a centre of attention after winning the case against the SEC, the cryptocurrency is facing an uncertain future after Judge Torres allowed the U.S. Securities and Exchange Commission (SEC) to lodge an interlocutory appeal challenging the sale of XRP tokens. After the ruling, the price of XRP fell sharply and broke through important support levels of $0.6 and $0.5 even as some professionals hold that the appeal would not be a setback for Ripple.
Although the XRP price has since slightly risen from the $0.5 support level, there is a big chance of a sharp decline if traders and whales decide to sell their holdings in fear of the outcome of the SEC appeal.
The appeal case between Ripple and the US SEC is expected to start around the middle or end of May 2024 in the interim. This timetable is consistent with the SEC and Ripple Labs court notifications, as well as those of CEO Brad Garlinghouse and executive chairman Chris Larsen, who stated that they would not be available until the second quarter of 2024.
