Ripple Shifts $75M in XRP As Community Speculates On Remedies Payment
According to a recent post on X by Whale Alert, Ripple Whale recently transferred 150 million XRP, valued at approximately $75.8 million, to an unidentified wallet. This significant whale movement has sparked curiosity and speculation within the XRP community.
XRP Whales Transfer $75M in Tokens
Whale transactions often signal potential market shifts, and this transfer is no exception. The XRP community is buzzing with theories about the reasons behind this substantial movement. Currently, XRP price is trading with bullish sentiment, experiencing a price surge of 1.38%. The cryptocurrency is now exchanging hands at $0.5067, with a 24-hour trading volume increasing by 1.36% to $28,047,981,725.
This is not the first time XRP whales have moved large amounts of tokens. Earlier, an XRP whale, identified as Hh4Rzn, moved 30.23 million XRP to Bitstamp. This whale is speculated to be linked to Ripple, although there is no concrete proof. These recurring large transfers often follow Ripple’s strategic stake acquisitions in exchanges, adding to the intrigue and speculation within the community.
Legal Proceedings and Community Speculation
The timing of these transfers coincides with ongoing legal proceedings involving Ripple Labs and the Securities and Exchange Commission (SEC). The XRP community has been closely monitoring the case, especially concerning the potential remedies payment. According to reports, Judge Torres is likely to deny the SEC’s motion in part for $2 billion in fines. Legal expert James Murphy has noted that citing a decision with a “not for publication” designation as precedent is weak. Still, he does not rule out the possibility of the Judge following similar reasoning in her decision.
In response, lawyer Jeremy Hogan pointed out that permission must be requested from the appellate court before citing such cases. He expressed hope that the Judge would recognize this procedural requirement, especially since Ripple has not submitted a reply.
Ripple (XRP) Price Reveals Oversold Condition
The 24-hour price chart of XRP indicates periods of high volatility, as highlighted by the Bollinger Bands (BB). The price has been consolidating within the $0.48 to $0.55 range, suggesting a period of relative stability and low volatility. The current BB range of $0.5182 to $0.5407 underscores this trend, with the price hugging the lower band. This proximity to the lower band potentially indicates an oversold condition, which could precede a rebound.
Additionally, the Moving Average Convergence Divergence (MACD) line has crossed below the signal line, typically preceding downward price movements in the near term. This technical indicator suggests that while the market sentiment is currently bullish, there might be short-term corrections before a sustained upward movement can be established.
Also Read: Pro-XRP Lawyer John Deaton Is First GOP To Make Onto 2024 Massachusetts Ballot
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