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Whales hand over 230 million XRP ahead of Judge Torres’ final ruling

Posted on by Dsen .N

XRP whales are back in action to reshuffle 230 million coins as the Ripple vs. SEC lawsuit, with fines reaching around $2 billion, seeks closure. The on-chain data shows both airdrops and inter-wallet transfers recorded over the past day, raising fascinating speculation about future XRP price movements.

The latest update to the lawsuit, which maintains Judge Torres’ doctrine and that secondary sales of XRP are not securities, has tipped the scales slightly in Ripple’s favor. The massive whale activity that emerged in the wake of the lawsuit gained considerable publicity.

Whales shuffle 230 million worth of coins

According to insights refined by Whale Alert on X, 230.93 million XRP, worth $109.21 million, were collectively moved by whales over the past day. While one of them transferred 30.93 million coins to Bitstamp, the other moved 200 million coins to an unknown wallet.

According to the data, the well-known whale…Rzn dumped, while the whale rP4X2hTa7A transferred 200 million coins to rJqiMb94hy. These transactions caused a somewhat mixed market sentiment.

While the transaction of one whale sparked bearish concerns, the transaction of the other highlighted the increased on-chain activity. It is also worth noting that XRP whale accumulations have surged amidst the recent illustration of the token consolidating above the $0.46 support. This spike in accumulation, coupled with the recent development of the Ripple lawsuit, has tilted the odds in XRP’s favor.

Meanwhile, Ripple-backed assets traded in the green today, tracking developments in the broader cryptocurrency market.

Read also: The German government dumped 400 BTC on major exchanges, the wave of transfers continues

The price of XRP is rising

At the time of writing, the price of XRP is up 1.39% over the past day and is trading at $0.4802. Its 24-hour lows and highs were priced at $0.4716 and $0.4814, respectively.

Coinglass data highlighted the bullish trend in the cryptocurrency market, with a significant increase in Futures OI and derivatives volume. XRP OI rose 4.31% to $606.63 million, followed by a 58.30% increase in derivatives volume to $499.20 million. The data highlighted a significant increase in investor enthusiasm for the asset.

Nevertheless, the RSI indicator moved towards the neutral level of 45, creating mixed sentiments about future price movements.

However, a recent report by CoinGape further highlights a potential XRP price target of $6 in the future, taking into account the lawsuit and technical factors.

ANDAlso Read: US Government Moves $12 Million Worth of Ethereum, Is a Bitcoin-Like Selloff Coming?

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