XRP whales are selling off large amounts of XRP ahead of Ripple’s $125M settlement with the U.S. SEC, moving nearly 1 billion XRP in a day.
XRP billionaires have sparked significant investor apprehension by substantially liquidating their holdings in anticipation of a $125M settlement between Ripple and the U.S. Securities and Exchange Commission.
The cryptocurrency’s future price movements were the subject of speculation after on-chain data revealed that nearly 1 billion XRP were transacted in the past day.
Additionally, the American blockchain payments firm’s recent substantial escrow movements have further fueled speculation regarding the future price of XRP.
Whales Transfers nearly One Billion Coins
According to on-chain data released by Whale Alert on September 2, whales transacted a staggering 1 billion XRP in a series of transactions over the previous day. Additionally, the Bitstamp exchange was the recipient of a 20 million XRP deposit from a well-known whale address,..Rzn.
Market participants have expressed adverse sentiments as a result of these transactions, which emphasize the asset’s increased selling pressure. Notably, the number of dump transactions is increasing, and the SEC is expected to receive a $125 million payment this week.
This week, the crypto firm is expected to pay $125 million in a legal maneuver in the XRP lawsuit. The company has 200 million XRP coins from the unlocks.
Nevertheless, it is also important to mention that Ripple has recently secured 800 million XRP in escrow. This occurs subsequent to the release of 1 billion XRP from escrow. In total, these substantial fluctuations have induced market apprehension regarding the crypto asset’s potential future performance.
The Value of Coins Experiences a Decline
The price of XRP decreased by 1.5% in response to the news of traders selling XRP, and it is currently at $0.5503. The coin’s 24-hour lows and highs were $0.5448 and $0.5618, respectively.
Notably, the asset’s increased selling pressure, as previously indicated, is the primary reason for the waning movement of today.
Nevertheless, CoinGape Media’s XRP price analysis indicated that the token could advance to $4 in anticipation of the company’s new banking strategy.
Nevertheless, the Coinglass data contributed to the divergent opinions regarding the crypto asset. Today, the coin’s overall market capitalization (OI) decreased by 1.15% to $608.68 million. Additionally, the derivatives volume increased by 65% to $823.89 million.
Additionally, it is important to note that the RSI of the coin was at the 42 level, suggesting that it is not currently overbought or oversold. XRP remains a topic of interest for crypto market advocates, as evidenced by the significant whale dumps that occurred today.
