XRP Whales Move Large Quantities of Coins in Wake of Chris Larsens Actions

XRP Whales Shift Large Amounts of Coins After Chris Larsen’s XRP Sale


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Following Ripple co-founder Chris Larsen’s sale of XRP, a significant amount of coins has been transferred by XRP whales, causing ripples in the cryptocurrency world. Approximately 430 million XRP has been moved to various exchanges and unknown wallets within the past 24 hours, impacting the market.
Massive XRP Transfers
Whale Alert reported that XRP whales have made transfers of 431.08 million coins to different exchanges and unidentified wallets recently. These transactions occurred after Chris Larsen sold a substantial amount of XRP. The transfers include accumulation sales and movements to other undisclosed wallets.
Notably, 30 million coins were transferred from Bybit to the raQxZL address, and 17.23 million XRP were sold to Bitstamp. Furthermore, 383.85 million XRP were moved from the r4Sa1S5pip… address to the rKUhycGCu1… address.
XRP Price Performance
While the price of XRP remains below $0.60, it experienced a slight increase of 0.07%, reaching $0.5881. The daily low and high were recorded at $0.5824 and $0.5949, respectively. The trading volume of XRP, backed by Ripple, saw a 19% surge, totaling $1.07 billion.
XRP is currently facing resistance at the $0.60 level and is undergoing a consolidation phase. Data from Coinglass reveals that XRP’s open interest in futures rose by 0.7%, reaching $745.55 million, while derivative volume increased by 15.52% to $869.62 million.
Regulations and Upcoming Developments
As the Ripple case nears its conclusion, the deadline for the SEC’s appeal has been set for October 7, 2024. Former SEC attorneys Marc Fagel and James Farrell anticipate that the regulatory body will file an appeal, indicating that legal battles will persist for the XRP community.
The XRPL is gearing up for a significant update aimed at expanding the distribution of RLUSD on the network. Both positive and negative developments have led to uncertain speculation about the future price of XRP. A representative from Ripple noted, “Chris Larsen’s XRP sale has had a noticeable impact on the markets.”
Community Reactions
Following the substantial XRP transfers and Chris Larsen’s actions, the cryptocurrency community has expressed diverse opinions. These developments are expected to influence XRP’s short-term price movements.
Technological Developments
Updates to XRP’s technological infrastructure are being implemented to enhance the network’s performance. Expanding the distribution of RLUSD will contribute to more efficient operations within the ecosystem.
These significant movements in the XRP market, coupled with ongoing legal processes, are key factors that have captured the attention of investors. The future price movements of XRP are likely to depend on how these factors interact.
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Disclaimer: The information provided in this article should not be considered investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry risks, and they should conduct their own research.