XRP large investors, commonly known as whales, are dumping large portions of their holdings as the blockchain giant Ripple plans to pay the SEC this week. Recall that Judge Torres imposed a $125 million civil penalty on Ripple for violating federal securities laws by offering XRP to institutional investors. Consequently, the latest move by the whales has sparked interest across the community as participants worry about the future price outlook of the coin.
XRP Whale Activity Surges
Based on blockchain data, around 1 billion XRP changed hands in the last day, igniting speculation about potential future price swings for the cryptocurrency. Furthermore, the American blockchain payments company’s recent large escrow movement has fueled more conjecture about the future price trajectory for XRP.
A staggering 1 billion XRP was moved to Ripple in a sequence of transactions over the previous day, according to on-chain data made public by Whale Alert on September 2. Furthermore, a well-known whale address, ‘..Rzn’ moved 20 million XRP, valued at $11.54 million) to the Luxembourg-based crypto exchange, Bitstamp.
The confidence of Market participants has declined as a result of these transactions, which highlights the asset’s heightened selling pressure. Significantly, it seems that the number of dump transactions is increasing, as the date for Ripple’s $125 million payment approaches.
Moreover, it is important to note that Ripple recently shifted 800 million XRP to its escrow wallet. This occurs after the release of one billion XRP from escrow over the weekend. This adds another layer to the uncertainty facing the performance of the cryptocurrency asset going forward due to these enormous fluctuations.
XRP Price Movement Amid Whale Movements
Meanwhile, the price of XRP continues to consolidate between $0.5 and $0.6. As investors hopefully eye a major breakout that could shoot the value above $1, the value of the coin has plummeted not just in the last 24 hours, but over the last week. According to CoinMarketCap data, XRP traded at $0.5557 at the time of writing, representing a 0.026% decline since yesterday.
Also, the trading volume in the last 24 hours has experienced a notable surge. Per the above data, the value has increased by 73% to $851 million, signifying increasing selling activities surrounding XRP. Ultimately, XRP has touched the lows and highs of $0.5444 and $0.5614 in the last 24 hours.
