Whales Move 153 Million XRP as SEC Appeals Judgement in Ripple Lawsuit
XRP whales have transferred about 153 million XRP tokens amid the US Securities and Exchange Commission (SEC)'s appeal of Judge Torres' ruling in the Ripple case.
On-chain tracking platforms discovered three transactions involving massive transfers of tokens to exchanges.
XRP's price has suffered an intense blow as investors mull over the potential impact of SEC's move while awaiting Ripple's counterappeal.
Whales Transfer Hundreds of XRP Amid SEC AppealData from Whale Alert, an on-chain tracking platform, disclosed the transfer of 153 million XRP tokens in three transactions within the past day.
The data revealed that two transactions shifted the tokens to crypto exchanges, while the third involved an anonymous wallet address as the recipient.
According to Whale Alert, a prominent XRP whale wallet, ...Rzn, transferred 30.38 million Ripple's native coins worth $15.99 million to the Bitso crypto exchange.
30,380,000 #XRP (15,993,939 USD) transferred from unknown wallet to #Bitsohttps://t.co/NWSMKsIZJy
- Whale Alert (@whale_alert) October 3, 2024
The address moved 19.22 million XRP tokens worth $10.12 million to Bitstamp.
- Whale Alert (@whale_alert) October 3, 2024
Another account, r9s...nxL, transferred about 104.38 million XRP coins worth $54.66 million to an anonymous address.
- Whale Alert (@whale_alert) October 3, 2024
These whales' transactions have sparked several reactions within the crypto industry as they coincide with the SEC's recent appeal in the Ripple case. Some market participants believe the whales are dumping their XRP holding for fear of a potential decline.
They dumping on retail!!!!
- politicofolitico (@politicofolitic) October 3, 2024
The SEC filed a Notice of Appeal to the US Court of Appeals for the Second Circuit. According to the filed document, the securities regulator is contesting Judge Analisa Torres' final ruling on the Ripple lawsuit.
A part of the document reads: Plaintiff Securities and Exchange Commission hereby respectfully appeals to the United States Court of Appeals for the Second Circuit from the final judgment entered by this Court on August 7, 2024."
Recall that Judge Torres gave the final judgment on August 7, 2024, with a $125 million fine against Ripple.
Meanwhile, pro-XRP attorney Bill Morgan believes Ripple, the blockchain payment company behind token, will file a cross-appeal regarding the SEC's latest move.
XRP's Price and Transaction Volume Dwindle Amid Increased PressureThe pressure seems increasingly high for XRP amid the SEC's recent appeal move and whales' transfers. Moreover, the bearish trend in the broader crypto market within the past few days added to the heat on the token.
Also, XRP trading volume plummeted by over 54% to reach $1.48 billion. The token ranks as the eighth-most traded crypto asset.
Similarly, data from Coinglass revealed a decline in investors' interest in Ripple's native. The platform highlighted that XRP's open interest (OI) dropped by 7% to $679.21 million.
Also, the derivatives volume decreased by 42% to reach $2.53 billion.
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