Massive XRP Whale Activity Follows Ripple Co-Founder Chris Larsen’s Major Coin Dump

• XRP whales have shifted a staggering 430 million coins within the last day.
• This movement follows significant XRP disposals by Ripple’s co-founder.
• Recent macro developments like the SEC’s proceedings heighten focus on XRP.

XRP whale activity surges as Ripple co-founder sells large swathes of the token, underlining significant developments in the cryptocurrency world.

Major Whale Movements Following Co-Founder’s Large XRP Sales

Exciting movements have rocked the XRP community as nearly 430 million coins were transferred, according to on-chain data. This flurry of activity trails closely behind substantial XRP liquidations by Ripple co-founder Chris Larsen. Despite these movements, XRP prices are currently consolidating just below the $0.6 threshold, highlighting the scale of these transactions.

Detailed Breakdown of Whale Movements

As per Whale Alert on X, a total of 431.08 million XRP coins were transacted between exchanges and unknown wallets in the last 24 hours. The sequence initiated with an unknown address (raQxZL) accumulating 30 million coins valued at $17.68 million from Bybit. Following this, a notable 17.23 million XRP amounting to $10.16 million was transferred to Bitstamp by another key address. A further 383.85 million coins, valued at approximately $224 million, were moved between prominent addresses, spurring widespread speculation in the crypto community.

XRP’s Price and Trading Volume Statistics

Currently consolidating at $0.5881, XRP’s market activity shows nuanced movements. Despite a modest increase of 0.07%, the token’s intraday prices have ranged between $0.5824 and $0.5949. Interestingly, the 24-hour trading volume has ballooned by 19% to reach $1.07 billion. This data, accompanied by insights from Coinglass showing a 0.7% lift in futures open interest to $745.55 million and an increase in derivatives volume by 15.52% to $869.62 million, underscores mixed sentiment among market players.

Impact of Legal Actions on XRP

The ongoing legal battle between Ripple and the United States Securities & Exchange Commission (SEC) continues to influence market perceptions. With an appeal deadline looming in October 2024, experts like ex-SEC attorneys Marc Fagel and James Farrell anticipate further legal scrutiny. This expectation fuels ongoing market volatility and uncertainty regarding the token’s long-term prospects.

Technological Upgrades on XRPL

Beyond market transactions and legal disputes, the XRP Ledger (XRPL) is gearing up for a significant upgrade aimed at enhancing RLUSD deployment across its network. This development introduces a mixed bag of bullish and bearish expectations around XRP’s future performance, further complicating market sentiment.

Conclusion

The crypto landscape remains watchful of XRP amid large whale transfers and consequential moves by Ripple’s co-founder. With the anticipated SEC appeal and upcoming technological upgrades, XRP’s trajectory remains a subject of substantial intrigue and speculation. Investors and market participants should remain vigilant as these developments unfold, shaping the token’s future in unpredictable ways