XRP whales have transferred over 285 million XRP tokens after the U.S. Securities and Exchange Commission’s (SEC) decision to appeal the recent ruling in its ongoing case against Ripple. These transfers, which took place shortly after the SEC’s appeal was announced on Wednesday, October 2, suggest that large players in the market may be offloading their XRP holdings.
XRP Whales Offload Massive Reserve
According to Whale Alert data, the first XRP whale transaction involved 22 million XRP worth $11.7 million being moved from an unknown wallet to Bitso, a Mexico-based crypto exchange. This was followed by another 20 million XRP, valued at $10.8 million transferred to Binance, one of the world’s largest crypto exchanges.
Similar sizable transfers continued throughout the day, with 29.8 million XRP ($15.5 million) sent to Indodax, an Indonesian exchange. In addition, 30 million XRP worth $15.6 million was moved again to Binance.
🚨 30,000,000 #XRP (15,646,621 USD) transferred from unknown wallet to #Binancehttps://t.co/NlkXUALen9
— Whale Alert (@whale_alert) October 3, 2024
One transaction of particular interest was an XRP whale transfer of 104.4 million tokens, equivalent to $54.7 million, from an unknown wallet to a newly created unknown wallet. While this transaction doesn’t involve an exchange dump, it might indicate a private off-market movement. Moreover, it is also possible that the funds could later be moved to exchanges for sale.
Additionally, there was a transfer of 29.32 million XRP ($15.1 million) from Binance back to an unknown wallet. This suggested that some XRP whales are sticking to holding their reserves or even accumulating more.
SEC Appeal Saga
These XRP whale movements come on the heels of the SEC’s recent decision to appeal a federal court ruling in its case against Ripple. The ruling, delivered by Judge Analisa Torres, stated that while Ripple’s institutional sales of XRP violated federal securities law, its sales to retail investors through exchanges did not.
The SEC’s spokesperson argued, “We believe that the district court decision in the Ripple matter conflicts with decades of Supreme Court precedent and securities laws,” according to the CoinDesk report.
The appeal has rekindled uncertainty around the future of XRP, prompting concerns that its price may dip further as large holders dump their positions. As of writing, the XRP price slumped 5.74% to $0.525 on Thursday, October 3.
Meanwhile, Ripple CEO Brad Garlinghouse has expressed confidence in the token’s status as a “non-security.” Also, legal experts eye the SEC’s move to be “disappointing” with analysts expecting XRP price to bounce back if the judge sides with Ripple.
Also Read: Pro-XRP Lawyer Reveals Ripple’s Masterstroke in Cross Appeal Against SEC
Source: https://www.cryptonewsz.com/xrp-whales-dump-285m-tokens-sec-appeal/