XRP whales, Ripple $0.589644Following the sale of XRP by Chris Larsen, co-founder of , a significant amount of coins were moved. It is known that approximately 430 million XRP were transferred, while the price of XRP continues to consolidate below the $ 0.6 level. These large-scale transactions have had a wide impact in the cryptocurrency world.
Large XRP Transfers
According to data from Whale Alert, XRP whales transferred 431.08 million coins to various exchanges and unknown wallets in the last 24 hours. These transactions occurred after Ripple co-founder Chris Larsen sold a large amount of XRP. The transactions included savings sales and transfers to other unknown wallets.
It was stated that 30 million coins from known addresses were transferred from Bybit to the raQxZL address and 17.23 million XRP were sold to the Bitstamp exchange. In addition, 383.85 million XRP were transferred from the r4Sa1S5pip… address to the rKUhycGCu1… address.
XRP Price Performance
The price of XRP remained below the $0.6 level, rising 0.07 percent to $0.5881 with a short-term increase. It reached intraday lows of $0.5824 and highs of $0.5949. The 24-hour trading volume of the Ripple-backed asset increased by 19 percent to $1.07 billion.
XRP is seen facing resistance at $0.60 and is in the process of consolidation. Coinglass data shows that XRP futures open interest increased by 0.7% to $745.55 million. Derivatives volume also increased by 15.52% to $869.62 million.
Regulation and Future Developments
The deadline for the US Securities and Exchange Commission (SEC) to appeal the Ripple case in its final stages is set as October 7, 2024. Former SEC attorneys Marc Fagel and James Farrell are expecting the regulator to file an appeal. It is stated that the legal battles for the XRP community will continue.
XRPL is gearing up for a major upgrade aimed at increasing the distribution of RLUSD on the network. Both bullish and bearish developments are leading to uncertain speculation about the asset’s future price. “Ripple’s Chris Larsen’s XRP sale has caused notable market movements,” a Ripple representative said in a statement.
Community Responses
The crypto community has been making various comments following the massive XRP transfers and Chris Larsen’s actions, suggesting that these developments could have an impact on XRP’s short-term price movements.
Technological Developments
Updates to XRP’s technological infrastructure aim to improve the performance of the network. Increasing the distribution of RLUSD will contribute to a more efficient operation of the ecosystem.
These major movements in the XRP market and the ongoing legal processes are among the important factors that attract the attention of investors. Future price movements seem to be shaped depending on how these factors affect it.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
