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Whales Selling Heavily As Ripple To Pay US SEC This Week

Published

2 weeks ago

September 2, 2024

XRP News Today: XRP whales have ignited severe investor concerns, heavily dumping their holdings ahead of a $125M settlement between Ripple and the U.S. SEC. On-chain data pointed out nearly 1 billion XRP moved over the past day, raising speculations on the cryptocurrency’s future price movements. Moreover, recent massive escrow movements by the American blockchain payments firm have further propelled speculations on XRP price action ahead.

XRP News: Whales Move Nearly 1B Coins

According to on-chain data revealed by Whale Alert on September 2, a whopping 1 billion XRP was shifted to Ripple over the past day by whales in a series of transactions. Moreover, a 20 million XRP dump was made to Bitstamp exchange by a well-known whale address, ..Rzn.

These transactions, underscoring increased selling pressure on the asset, have sparked bearish sentiments among market participants. Notably, the dump transactions appear to be on the rise, with $125 million payment to the SEC looms this week.

The crypto firm is set to pay $125 million in a legal maneuver in the XRP lawsuit this week. The company has 200 million in XRP coins from the unlocks.

However, it’s also worth noting that Ripple recently locked 800 million XRP in escrow. This comes after 1 billion XRP were unlocked from escrow. Altogether, these massive movements have sparked market uncertainty about the crypto asset’s future performance.

Coin Price Dips

In response to whales selling XRP news, XRP price slipped 1.5% and is sitting at $0.5503. The coin’s 24-hour lows and highs were $0.5448 and $0.5618, respectively. Notably, today’s waning movement primarily aligns with the increased selling pressure to the asset, as mentioned above.

However, in light of the company’s new banking plan, an XRP price analysis by CoinGape Media suggested that the token could rise as high as $4 ahead.

Nonetheless, Coinglass data added to contrasting sentiments on the crypto asset. The coin’s OI dipped 1.15% to $608.68 million today. Besides, the derivatives volume surged 65% to $823.89 million.

Also, it’s worth mentioning that the coin’s RSI rested along the 42 mark, hinting that the asset is neither overbought nor oversold at present. Crypto market enthusiasts continue to extensively eye XRP as massive whale dumps emerged as a noteworthy XRP news today.