Ripple 
$0.538877Following a status objection filed in its lawsuit against the U.S. Securities and Exchange Commission (SEC), XRP whales took notice. It has been reported that approximately 81 million XRP has been transferred to crypto exchanges in recent days. This move caused concerns in the markets despite the supportive steps taken by Ripple in the legal process.
XRP Whales Making Large Transfers
According to data released by blockchain tracking platform Whale Alert, XRP whales moved a total of 81.56 million XRP to crypto exchanges. An unknown whale address, rGd..p1k, sent 52 million XRP to the Bybit exchange, while another address, Rzn, transferred 29.56 million XRP to the Bitso exchange.
These large transfers signaled a negative market sentiment for the asset, creating selling pressure that contradicts Ripple’s recent moves in the case. In its hearing against the SEC, Ripple appealed the final decision of the case.
Increase in XRP Price
At the time of publishing, the XRP price rose by 1% in the last 24 hours to $0.5357. Intraday lows and highs were recorded at $0.5239 and $0.5432, respectively. This rise comes after news that chain payment firm Ripple filed a status objection despite whales carrying large amounts of XRP.
Additionally, according to Coinglass data, XRP futures open interest increased by 4% in the last 24 hours to $711.55 million. The 85% increase in derivative volume reached 1.30 billion dollars. These data show that investor interest in the crypto asset has increased and long-term expectations are positive.
Cryptocurrency derivatives exchange Bitnomial has filed a lawsuit with the SEC for details on regulatory authority over XRP futures contracts. This development shows that Ripple continues to have positive effects on the legal processes of its native digital currency, XRP.
Ripple’s status objection to the SEC is considered a step in support of the company’s digital presence. However, whales’ transfer of large amounts of XRP causes fluctuations in the markets and makes investors cautious.
Market Reactions and Investor Opinions
Market analysts state that Ripple’s steps in the legal process may positively affect the value and use of XRP in the long term. However, it is stated that the pressure of big whale transfers on the market increases short-term uncertainties.
In light of the latest developments, investors are advised to carefully follow the results of Ripple’s status appeal and the effects of whale movements on the market. The future of XRP continues to be shaped depending on the course of legal processes and market dynamics.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
