XRP Whales Move 430M Coins As Ripple’s Chris Larsen Dumping XRP

In a riveting turn of events, XRP whales have once again taken the broader crypto market by storm on Wednesday. Recent on-chain data indicates nearly 430 million coins moved by whales, sparking speculations as Ripple co-founder Chris Larsen heavily dumped XRP previously. Meanwhile, XRP price continued to consolidate below the $0.6 level at press time, bringing additional attention to the large-scale transactions.

XRP Whales Active After Ripple’s Chris Larsen Dumps Coins

According to data by Whale Alert on X, XRP whales moved 431.08 million coins to and fro exchanges and unknown wallets in the past 24 hours. These transactions, emerging right after Ripple co-founder’s massive XRP dumps, consisted of an accumulation, a dump, and transfers to other unknown wallets collectively.

As per Whale Alert’s data, 30 million coins, worth $17.68 million, were accumulated from Bybit by the unknown address raQxZL. Further, 17.23 million XRP, worth $10.16 million, was dumped to the CEX Bitstamp by the renowned address …Rzn. Simultaneously, a staggering 383.85 million coins, worth $224 million, were moved from the address ‘r4Sa1S5pip…’ to ‘rKUhycGCu1…’

These gigantic transactions, in light of Larsen’s XRP dumps, have sparked significant discussions across the crypto community. CoinGape Media reported that Chris Larsen transferred millions of coins to CEXs Binance and Bittrex recently. Aligning with this, the XRP whale transactions sparked enough intrigue to magnetize market watchers.

XRP Price Performance

Nevertheless, XRP price continued its consolidation below the $0.6 level, gaining marginally by 0.07% while writing to $0.5881. The coin’s intraday low and high were recorded as $0.5824 and $0.5949, respectively. Further, the Ripple-backed asset’s 24-hour trading volume jumped 19% to $1.07 billion today.

Moreover, a recent XRP price analysis by CoinGape confirms that the crypto is consolidating, facing resistance at $0.60. However, Coinglass data illustrated a 0.7% jump in XRP’s futures OI to $745.55 million. Further, even the derivatives volume today soared 15.52% to $869.62 million. This data has sparked contrasting sentiments about the asset’s future performance among market participants. In the wake of recent XRP whale data, Chris Larsen’s massive dumping, and also the SEC’s nearing appeal deadline, crypto market participants continue to eye the token extensively.

For context, the United States Securities & Exchange Commission’s deadline for appeal in the final phases of the Ripple lawsuit looms to occur in October 2024. Ex-SEC attorneys Marc Fagel and James Farrell highly anticipate an appeal by the regulatory body in the lawsuit ahead, indicating further legal tussles for the XRP community. 

In addition, it’s also worth noting that XRPL readies for a major upgrade aiming to jack up RLUSD deployment on the network. Altogether, recent developments, both bullish and bearish, have sparked uncertain speculations on the asset’s price ahead.

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Coingape Staff

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.