XRP Holds Strong as Whale Moves 31.4 Million XRP to Bitstamp Before FTX Selloff

A recent XRP transaction involving $15.1 million has caught the attention of the XRP community. The transaction was brought to the attention of the public by Whale Alert (@whale_alert), an automated crypto whale tracker on X.

In the post, Whale Alert reported a transfer of 31,400,000 XRP  from an unknown wallet to Bitstamp, raising the possibility of dumping the whopping XRP before the speculated FTX sell-offs.

This surprising transaction happened on September 14. It met the market in a state of uncertainty and full of regulatory concerns and market fluctuations. However, some members of the XRP community are seeing this as a potentially bullish sign for XRP.

Court Approves FTX Asset Liquidation

FTX, the bankrupt crypto company, recently unveiled substantial crypto holdings. Be reminded that a federal judge has recently given the approval for FTX to liquidate these crypto holdings, stirring up uncertainty in the market.

FTX holds a sizable $119 million worth of XRP, and dumping these whopping tokens might cause a dip in price. Howbeit, XRP has remained steady amid these selloff concerns.

The ongoing lawsuit between Ripple and the SEC is also causing some concern in the market. Ripple CEO Brad Garlinghouse recently expressed frustration over the SEC’s decision to appeal the case that sets XRP free from securities stigma. He also revealed that 80% of Ripple’s hiring for next year would be outside the U.S.

Ripple’s president, Monica Long, has also promised that Ripple will stand firm in the face of the lawsuit and fight till the end. This stance reflects the broader crypto industry, with major players like Binance pushing back against unfair regulatory actions and asking for clear guidelines.

XRP is Standing Firm

In recent weeks, XRP whales’ activity has been consistent. Earlier this month, over 210 million XRP left Binance to an unknown address.

However, XRP is holding strong at the $0.49 price region. At the time of writing, XRP is trading at $0.4958, with a relatively 3% price surge in the last 24 hours.

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