XRP Faces Selling Pressure as Investors React to SEC v. Ripple Labs Case Decision
Summary:
XRP faces selling pressure as investors react to SEC v. Ripple Labs case decision. Judge Torres ruled XRP is not a security, leading to a decline in XRP price and investors selling off their holdings. Significant whale moves 29 million XRP to a crypto exchange. Trial between Ripple and SEC expected in late April or mid-May. XRP price currently recovering, but risk of further drop if traders liquidate holdings.
XRP Faces Selling Pressure as Investors React to SEC v. Ripple Labs Case Decision
In the aftermath of Judge Torres ruling that XRP is not a security in the US SEC v. Ripple Labs case, XRP is struggling to maintain upwards momentum, causing investors to sell off their holdings. Adding to the downturn, a significant whale has transferred 29 million XRP, valued at over $15 million, to a crypto exchange amidst a price decline approaching the support level.
According to Whale Alert, a large holder moved 29,300,000 XRP worth $15.13 million to Bitstamp exchange on August 24. This transfer, coupled with a previous movement of 14 million XRP to Bitso, suggests the possibility of the whale selling its XRP assets. The recent decision by Judge Torres allowing the SEC to submit an interlocutory appeal regarding XRP token sales has had a significant impact on the market, resulting in a sharp decline in the XRP price that breached crucial support levels.
Although the XRP price is currently recovering from the $0.5 support level, there is a substantial risk of a significant drop if traders and whales decide to liquidate their holdings. The trial between Ripple and the SEC is expected to take place in late April or mid-May, as notified by both parties. This timing coincides with the unavailability of Ripple Labs CEO Brad Garlinghouse, executive chairman Chris Larsen, and court notifications for the second quarter of 2024. Consequently, the XRP price saw a temporary rebound but failed to sustain bullish momentum.
In the past 24 hours, XRP's value has declined by over 3%, currently trading at $0.51. The price fluctuated between $0.510 and $0.528 during this period, with a decrease in trading volume.
Published At
8/25/2023 11:05:55 AM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.