XRP Whales Trigger Market Volatility as Ripple Nears $125 Million SEC Settlement

In a dramatic turn of events, large XRP holders, often referred to as “whales,” have unleashed a tidal wave of token dumps ahead of Ripple’s impending $125 million settlement with the U.S. Securities and Exchange Commission (SEC). The market is reeling as hundreds of millions of XRP tokens flood centralized exchanges, fueling uncertainty and speculation about the cryptocurrency’s immediate future.

Whales Unleash 114 Million XRP Tokens on Exchanges

In a move that has captured the attention of the entire crypto market, XRP whales have transferred a staggering 114.34 million tokens to centralized exchanges within a single day. The blockchain transaction tracker, Whale Alert, identified significant transactions, including 54.34 million XRP moved to prominent exchanges like Bitstamp and Bitso. Notably, these transactions were linked to the well-known Ripple whale address ending in …Rzn.

Adding to the selling pressure, another whale address ending in rPz2.. offloaded 60 million XRP, valued at approximately $34.19 million, onto Binance. These hefty transactions have coincided with a noticeable dip in XRP’s price, sparking concerns among investors about the potential impact on the broader market.

Ripple’s $125 Million SEC Settlement: A Catalyst for Market Volatility

The timing of these whale movements is particularly significant, as they come just days before Ripple is expected to fulfil a $125 million settlement payment, as mandated by Judge Analisa Torres in the ongoing SEC lawsuit. The impending settlement has only intensified market speculation, with many wondering whether these whale actions are directly linked to the legal proceedings.

The crypto community is abuzz with theories, especially after prominent XRP enthusiast ‘JackTheRippler’ highlighted that the settlement is expected to occur within the next nine days. This has led to heightened scrutiny of whale activities and their potential implications for XRP’s price stability.

XRP Price Slips Amid Market Uncertainty

At the time of writing, XRP’s price has declined by 1.5%, trading at $0.5651. The token’s price fluctuated between $0.5593 and $0.5754 over the past 24 hours, reflecting the market’s response to the substantial whale dumps. The broader crypto market also exhibited sluggish behaviour, further contributing to XRP’s downward trend.

Despite the bearish sentiment, some analysts maintain a bullish long-term outlook for XRP. Crypto analyst Egrag has predicted a possible surge to $27, based on XRP breaking through key resistance levels around $0.75, as indicated by Fibonacci analysis. Other market observers have echoed this optimism, citing Ripple’s ongoing legal strategies and favourable on-chain metrics as indicators of a potential uptrend.

As the settlement date approaches, market participants remain on high alert, closely monitoring XRP’s price movements and whale activities. The next few days could prove pivotal for Ripple and the broader cryptocurrency landscape.

Also Read: Ripple Issues Critical Alert for XRP Holders: What It Means for the Altcoin Market