Ripple‘s recent legal appeal against the U.S. Securities and Exchange Commission (SEC) has sparked significant activity among XRP whales. Reports indicate that approximately 81 million XRP tokens were transferred to various cryptocurrency exchanges, drawing mixed reactions from investors and market analysts alike.
What Are XRP Whales Doing?
According to Whale Alert, a blockchain tracking platform, XRP whales executed sizable transfers totaling 81.56 million XRP to exchanges. A notable transaction involved an anonymous whale account sending 52 million XRP to Bybit, while another account transferred 29.56 million XRP to Bitso.
Will XRP Prices Continue to Rise?
Despite these significant transfers, XRP’s price increased by 1% to $0.5357 within 24 hours. The cryptocurrency experienced intra-day fluctuations, hitting lows of $0.5239 and highs of $0.5432. This uptick came on the heels of Ripple’s appeal filing, which seems to have bolstered investor confidence, as indicated by a 4% rise in XRP’s open interest in futures trading.
Recent data highlights several key points for investors:
- A notable increase in XRP’s futures open interest, reaching $711.55 million.
- A sharp rise of 85% in derivative trading volume to $1.30 billion.
- Legal actions by Ripple and a lawsuit from Bitnomial against the SEC could positively impact XRP’s regulatory standing.
Investor sentiment remains cautious as the substantial whale transfers create short-term volatility. Analysts suggest that while Ripple’s legal moves may enhance XRP’s long-term value, the immediate market reactions require careful monitoring.