It’s generally known that the movement of crypto assets to exchanges increases the chance of sell-offs on the open market. A similar scenario seems starting to play out for XRP, the second-largest cryptocurrency by market cap.
XRP worth millions of dollars are on the move to a crypto exchange as the price dips closer to $0.50, the vital support level.
This move has triggered speculation of a potential sell-off, while a second thought is considering the fact that the exchange involved in the transaction is one of Ripple’s On Demand Liquidity (ODL) partners.
Whales Moved 15 Million Worth of XRP to Bitstamp
On August 24, Whale Alert, the tracker of large transactions of cryptocurrencies from one wallet to another, reported that a whale moved 29,300,000 XRP valued at $15.13 million to Bitstamp, a Ripple ODL partner.
🚨 29,300,000 #XRP (15,130,884 USD) transferred from unknown wallet to #Bitstamphttps://t.co/DhcHkKNdzc
— Whale Alert (@whale_alert) August 24, 2023
Further data shows that a few hours prior to the massive transfer, the whale moved a whopping 14 million XRP to Bitso, another Ripple ODL partner.
Since the two massive XRP transfers were to two major exchanges dedicated to ODL transactions, there may be no cause for alarm. However, the negative trend currently exhibited by XRP could trigger real selloffs of the digital asset.
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XRP in the Market
Since XRP is failing to hold upside momentum after Judge Torres’s verdict that classified it as a digital asset, whales and traders are seemingly losing faith in the crypto asset.
It’s worth noting that there were raised expectations for bullish momentum once the lawsuit ends in Ripple and XRP’s favor. Although XRP saw huge positive trends, which began on the 13th of July, it’s now back to the pre-verdict level, currently trading at $0.5118, according to CoinMarketCap.
XRP started trending downward since the U.S. regulator revealed its intention to appeal the verdict. The digital lost its footing further after the Judge granted the SEC’s request to file an interlocutory appeal. As things stand now, XRP must hold $0.50 support to avoid more major dips.
Meanwhile, the Ripple-SEC trial is likely to play out in April-end or mid-May as the parties involved recently submitted their blackout dates for trial as ordered by the court.
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