Ripple Whale Sells Over 50M XRP as Traders Back New Altcoin

The post Ripple Whale Sells Over 50M XRP as Traders Back New Altcoin appeared first on Coinpedia Fintech News

A crypto whale recently transferred over 50 million XRP tokens from their wallet to cryptocurrency exchanges, fueling speculation that the holder may be preparing to sell.

This enormous transfer of XRP comes as the token’s price has dipped to $0.574 and is now 39% below last July’s high.

As traders seek alternative investment opportunities outside of XRP, a new altcoin called Bitcoin Minetrix (BTCMTX) has been gaining interest for its innovative Stake-to-Mine protocol.

XRP Whale Dumps 50M Tokens Amid Ongoing Price Volatility

According to blockchain tracking platform Whale Alert, the Ripple whale sent 26 million XRP to Bitso and 24.7 million XRP to Bitstamp.

Both transfers originated from the same wallet address, suggesting the whale is preparing to sell a significant portion of their XRP stash.

Large transfers to exchanges are often seen as signs of major holders preparing to sell their holdings.

With XRP still not out of the woods regarding its legal troubles with the SEC, some traders likely view this whale movement as a negative sign for the token’s price outlook.

The timing of this transfer coincides with some volatile price movements for XRP, with the token’s price dropping almost 20% in 24 hours on Wednesday.

XRP’s value fell as low as $0.504 before returning to the $0.582 region.

Although there’s no way of telling if (or when) the whale might sell, the optics of transferring such a considerable sum during a period of weakness may further impact investor sentiment.

XRP Investors Await 2024 Court Dates for Lawsuit Resolution

While this recent whale activity has sparked concerns, the bigger question looming over XRP is the outcome of Ripple’s legal battle with the SEC.

After nearly three years, the case appears to be entering its final stages in early 2024.

According to court documents, the next major deadline is February 12, when both parties must complete remedies-related discovery.

This process will allow Ripple and the SEC to share possible solutions for resolving the case outside of court.

The SEC will then file its remedies brief on March 13, with Ripple submitting its opposition by April 12.

Ultimately, many XRP investors are hopeful that 2024 may finally bring an end to the legal drama.

A full settlement would likely positively impact XRP’s price, which received a boost when the court ruled last July that everyday XRP transactions did not constitute securities trades.

Traders Shift Focus to New Altcoin Bitcoin Minetrix as XRP Struggles for Momentum

With XRP facing ongoing legal troubles and concerning whale activity, some crypto traders have begun shifting their attention to emerging altcoins offering more upside potential.

One such altcoin gaining interest is Bitcoin Minetrix (BTCMTX), which has debuted a Stake-to-Mine mechanism that allows investors to earn BTC by staking BTCMTX tokens.

The accessibility and ease of use have made Bitcoin Minetrix popular during its presale phase, quickly raising over $7.5 million in funding from early investors.

By simplifying the complex process of BTC mining, Bitcoin Minetrix aims to open the door to anyone who wishes to participate.

Additionally, Bitcoin Minetrix also offers a passive yield to BTCMTX stakers, currently set at 85% per year.

The project has caught the eye of several crypto influencers who believe it has promising growth prospects.

For example, YouTuber No Bs Crypto discussed whether it could “100x” in a video posted last month.

Bitcoin Minetrix has also built up a solid social media following, with over 15,400 followers on its official Twitter page.

Looking ahead, Bitcoin Minetrix’s developers have presented plans to list BTCMTX on leading exchanges once the project’s presale ends or hits its funding goal.

Given the platform’s disruptive use cases, these listings could be a monumental moment for the Bitcoin Minetrix community.

Those interested in Bitcoin Minetrix can buy BTCMTX tokens through the presale using ETH, USDT, or a credit/debit card.