Is XRP Doomed? Whales Dump Millions Amidst SEC Settlement

XRP whales are selling large amounts of the cryptocurrency, sparking investor concerns.Nearly 1 billion XRP has been moved in the past day, raising questions about the asset's future.

This sell-off comes as Ripple prepares to pay a whopping $125 million to the U.S. SEC as a settlement.As of today, September 2, XRP's price has dropped slightly.

Whales Sell Large Amounts Ahead of SEC Payment

A recent report shows that XRP whales have been significantly offloading their holdings. According to data from a blockchain tracking service, Whale Alert, nearly 1 billion XRP was transferred to Ripple.

This transfer was made in a series of transactions over the past day.

20,580,000 #XRP (11,542,509 USD) transferred from unknown wallet to #Bitstamphttps://t.co/kqDvqJSa97

- Whale Alert (@whale_alert) September 1, 2024

A notable transfer was from a well-known whale address that moved over 20 million of Ripple's native tokens to the Bitstamp exchange on September 1. The selling activity has intensified as Ripple nears a $125 million payment to the SEC. Ripple is expected to complete the payment within the week.

This upcoming payment has made market participants uneasy about XRP's future, fueling bearish sentiment in the market.

However, Ripple has made some significant moves of its own. The company unlocked 1 billion XRP from escrow, only to relock 800 million of Ripple's native tokens into escrow shortly afterward.

Unfortunately, the large-scale movements of XRP have made investors wary, leading to a decline in market confidence.

Ripple's Native Token Drops Amid Whale Activity

The price of XRP has been affected by the recent whale activity. Following the whales' movement, XRP's price dropped slightly to $0.545 on September 1.

According to its chart, XRP's price fluctuated between a low of $0.5448 and a high of $0.545 throughout the day. In the past 24 hours, it traded at $0.555, representing a 1.2% price decline.

According to Coinglass' data, the open interest in XRP futures dropped by 1.15% to $608.68 million.

Further, the 24-hour chart shows the Relative Strength Index (RSI) for XRP at 40, indicating that the asset is neither overbought nor oversold.

Also, the Chaikin Money Flow (CMF) is at 0.11, indicating moderate buying pressure in the market. Notably, XRP is heading toward the 20-SMA of the Bollinger Bands indicators. If the price crosses above this line, it can suggest an upward momentum.

A successful break above this line will likely take XRP to $0.60, representing an increase of 8.33%. For now, the coin shows moderate buying interest.

Amonyx Forecasts 10x Surge for XRP by 2025

Over the last months, the XRP token has shown resilience in price, consolidating within $0.50. Amonyx, a known analyst, shared his optimism about the coin on the X platform.

#XRP is obviously on its way to fulfilling the prophecy and heading straight to $589

We'll see pic.twitter.com/zKdNEjebOh

- Amonyx (@amonbuy) August 27, 2024

Amonyx expects XRP's price to hit $589 in 2025. He believes this will happen because XRP has accumulated value over time and is now ready for surge. So, despite recent whale activity causing XRP's price to drop slightly, many supporters remain optimistic about its future.

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