On Thursday, XRP whales dominated the wider cryptocurrency market, shifting millions of coins as rumors of Ripple’s cross-appeal against the US SEC increased. Nearly 73 million coins moved in the last day, according to recent on-chain data, which sparked conversations among market players.
73 Million XRP Coins on the Move
On October 10, exactly 73.16 million coins were recorded as being transferred by XRP whales during the course of the previous day, according to data published by the blockchain tracker Whale Alert. The exchange Bitso received 21.16 million coins, valued at $11.05 million, from the prominent address ending in “Rzn.” Then, the address 0xf7788124 stole an incredible 52 million XRP, or $27.37 million, from the leading cryptocurrency exchange Bybit.
This enormous accumulation has aroused investor interest around the world in light of growing rumors of a cross-appeal by Ripple. The reasoning behind XRP sales to institutions being non-investment contracts was provided by MetaLawMan in a recent article on X.
Drawing comparisons between “wholesalers,” the lawyer notes that sales of tokens to institutions at prices lower than those of retail exchanges are legitimate because they are not “investments” connected to the U.S.-based blockchain payments company, Ripple.
He goes on to say that the institutions only purchased the cryptocurrency at a lower cost since there are other options available on the market that provide prospects for direct investment in the company.
These claims have sparked global interest and raised the possibility that the American blockchain payments company will file a cross-appeal.
In addition, it’s important to note that the chances of the XRP ETF have lately increased, which has increased investor interest in the asset in addition to the significant XRP whale accumulation. Despite regulatory obstacles, Canary Capital recently filed for an XRP ETF with the SEC, according to a previous article.
XRP Price Reaction
Amid the current market trend, the native coin of the blockchain payments company experienced notable volatility. The price of XRP was $0.5264, a decrease of about 0.99% over the previous day. The intraday low and high of the coin were, respectively, $0.522 and $0.5333.
Notably, the SEC’s recent notice of appeal against Judge Analisa Torres’s decision ordering the American payments company to pay the regulator $125 million in fines has caused significant volatility in the cryptocurrency market. Additionally, the appeal targets the decision regarding the sale of shares to institutions.
Conclusion
The movement of 73 million XRP coins by whales, coupled with rumors of Ripple‘s cross-appeal against the SEC, has generated significant interest in the cryptocurrency market. The large-scale transfers, particularly from Bitso and Bybit, signal potential strategic shifts in anticipation of legal developments, further highlighting XRP’s importance among institutional investors.
Discussions comparing token sales to institutions at discounted prices versus retail transactions underscore the evolving debate about the regulatory classification of such sales. Additionally, the possibility of an XRP ETF adds another layer of speculation, drawing attention to the asset despite the price volatility caused by the ongoing legal battle.
Reece Conner
Reece Conner is a leading expert in the cryptocurrency industry, known for delivering cutting-edge insights and practical guidance to both newcomers and seasoned investors. With a background in finance and technology, Conner bridges the gap between complex blockchain concepts and real-world applications.