Altcoin
XRP Whales Dumping Heavily As Ripple To Move $125 Million
XRP whales have again taken the broader crypto market by storm, dumping hundreds of millions of tokens ahead of Ripple’s $125 million settlement in the SEC lawsuit. On-chain data indicates nearly 114 million XRP moved to centralized exchanges recently, raising eyebrows among market participants. Meanwhile, the Ripple-backed token’s price took the heat of massive dumps today, sparking further speculations over future movements.
Ripple Whales Dump 114M Coins To CEXs
According to the insights streamlined by Whale Alert, a blockchain transaction tracker, XRP whales dumped 114.34 million coins to CEXs over the past day. As per the data, 54.34 million XRP was moved to exchanges Bitstamp and Bitso recently. The renowned Ripple whale address …Rzn made the dump transactions.
Simultaneously, data as of August 29 illustrated that the whale address rPz2.. dumped a whopping 60 million coins, worth $34.19 million, to Binance, the crypto exchange behemoth. These transactions, underlining increased selling pressure on the asset, fall in line with the token’s today’s waning price action.
Meanwhile, with only 9 days left for Ripple to pay $125 million settlement as a part of Judge Analisa Torres’ final decision in the SEC lawsuit, these transactions have gained additional traction. Crypto enthusiast ‘JackTheRippler’ took to X today, revealing that the settlement is to happen within 9 days. This statement has added a layer of intrigue to the XRP whale transactions.
Simultaneously, in light of the SEC’s lawsuit against NFT marketplace OpenSea, Ripple CLO Stuart Alderoty suggested that the regulatory body might face another loss if it forged ahead with its crackdown. On the other hand, XRP price today traded in the red, aligning with the massive dumps and broader market movement.
XRP Price Tumbles, What’s Ahead?
At press time, XRP price slipped 1.5% to trade at $0.5651. The coin’s 24-hour lows and highs were $0.5593 and $0.5754, respectively. The waning price movement primarily falls in line with the massive XRP whale dumps mentioned above. Further, the broader crypto market witnessed a sluggish movement today.
Nevertheless, the long-term prospects for the coin appear to be bullish. Notably, crypto analyst Egrag predicted a highly optimistic $27 target for XRP price future. This is attributable to the coin breaking a resistance of $0.75, per Fibonacci analysis.
Additionally, another XRP price analysis revealed that an uptrend awaits the token, citing Ripple’s recent legal maneuvers, further accompanied by bullish on-chain metrics. Crypto market participants continue to extensively eye the coin, expecting further price action shifts ahead.
Coingape Staff
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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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