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Ripple’s ongoing legal battle with the SEC has taken a new turn with its recent appeal, and XRP whales are responding. In the last few days, approximately 81 million XRP has been transferred to crypto exchanges, causing concerns in the market despite Ripple’s strategic legal moves.
Massive XRP Whale Transfers
According to data released by blockchain tracking platform Whale Alert, XRP whales have moved a total of 81.56 million XRP to various crypto exchanges. A whale address, rGd..p1k, transferred 52 million XRP to Bybit, while another address, Rzn, sent 29.56 million XRP to Bitso.
These large transfers signal a negative market sentiment for XRP, creating sell pressure despite Ripple’s latest move to appeal the court’s decision in its ongoing case against the SEC.
XRP Price Rises Despite Whale Activity
At the time of writing, XRP has seen a 1% increase in price within the past 24 hours, climbing to $0.5357. The day’s lowest and highest recorded prices were $0.5239 and $0.5432, respectively. This price increase occurred even as whales transferred large amounts of XRP, coinciding with the news of Ripple filing its appeal.
In addition, Coinglass data reveals that XRP’s futures open interest has grown by 4%, reaching $711.55 million in the last 24 hours. Furthermore, the derivatives volume surged by 85% to $1.30 billion, indicating growing investor interest and positive long-term expectations for the cryptocurrency.
The crypto derivatives exchange Bitnomial has also filed a lawsuit against the SEC over regulatory authority concerning XRP futures contracts. This development continues to showcase the ongoing influence of Ripple’s legal battles on XRP’s future.
Market Reactions and Investor Sentiment
Market analysts suggest that Ripple’s legal maneuvers could positively affect XRP’s value and use in the long term. However, the significant whale transfers are creating short-term uncertainty in the market, urging investors to remain cautious.
As Ripple pushes forward with its appeal, market participants are closely watching how this will impact XRP, both in terms of legal outcomes and whale-driven market movements.
