XRP, a type of digital money, has been getting a lot of attention from investors lately. This is because of a legal fight between Ripple Labs, the company behind XRP, and the U.S. Securities and Exchange Commission. It’s like a big, important showdown that’s making XRP really interesting for people who want to invest in it.
In some fresh news, big players in the crypto world (we call them “whales”) have moved a large chunk of XRP to different wallets. This has made many people who invest in XRP a bit worried.
Why? There has been some really good news about XRP lately, which made people feel hopeful about its future. So, this unexpected move by the whales has left everyone wondering what’s going on.
$15Mn Cryptos Whale Dump
In a report from Whale Alert, it was noticed that a big crypto player moved a whopping 26.8 million XRP tokens, which are worth around $14.24 million, from a wallet we don’t know much about to the Bitstamp exchange.
This got a lot of people talking in the crypto world. Why? Because this kind of big move can make folks wonder if there might be a big sale of XRP coming soon.
It’s important to notice that when money goes into an exchange, it usually means people are getting ready to sell what they have. But when money comes out of the exchange, it usually means people want to keep their cryptocurrencies for a while.
Meanwhile, traders got even more worried when they saw another big transfer in the market. In this transaction, a big crypto player moved 20.40 million XRP tokens, which are worth about $10.83 million, from a secret wallet to the Bitso exchange.
Because of these recent moves and all the talk in the crypto world, the price of XRP went down a bit today. But it’s important to remember that XRP has been doing well recently because of some good news coming from Ripple, the company behind it.
Recent Wins of Ripple (XRP)
On October 3, Judge Analisa Torres, who made a big decision in the XRP lawsuit back in July 2023, said “no” to the SEC’s request to appeal her earlier decision.
This means she still thinks regular people who bought XRP didn’t expect to make money from Ripple. This could be seen as a win for Ripple, the company in the middle of all this.
It’s a big win that’s boosting investors’ confidence today. On the same day when the U.S. court said “no” to the SEC, Ripple had some more good news. Their branch in Singapore got a provisional thumbs-up from the Central Bank of Singapore. This means they can offer digital payment services there. It took them four months of hard work to get this far.
Ripple is making waves in the fintech world too. They made it to the prestigious Fintech 100 list, showing they’re serious about changing finance and being a top innovator.
But here’s the thing: even with all this good news, the price of XRP went down by 1.18% in the last 24 hours. Right now, it’s at $0.523, and fewer XRP coins were traded today. The total value of all XRP coins out there also dropped a bit to $27.87 billion.