Major XRP Holders Move 291 Million Coins As U.S. Crypto Bill Faces Vote In House

The recent passage of the Financial Innovation and Technology for the 21st Century Act (FIT21) by the U.S. House of Representatives has created a stir within the XRP community. While the crypto bill holds promise for Ripple’s ongoing legal battle with the SEC, significant movements by XRP whales have added a layer of uncertainty to the token’s price.

Pro-XRP lawyer Bill Morgan sees a silver lining in FIT21. The bill, influenced by Judge Torres’ rulings, clarifies that digital assets sold under specific investment contracts might not be classified as securities solely due to the sale or transfer within that contract. This development could significantly impact the Ripple vs. SEC lawsuit, potentially giving Ripple a much-needed advantage.

On-chain transaction tracker Whale Alert revealed notable activity from the whales. One whale, identified by the wallet address “..Rzn,” offloaded a substantial 50.78 million tokens in two transactions to cryptocurrency exchanges (CEXs) Bitstamp and Bitso. Interestingly, these transactions coincided with Ripple’s recent collaboration with both exchanges, leading to speculation about the motives behind the selloff.

Conversely, another whale acted as a counterpoint. A wallet address identified as “r99QSej32n” surprised the market by accumulating a staggering 240.85 million tokens from the Coincheck exchange. This address has been linked to similar large-scale XRP purchases from Coincheck recently.

Source: TradingView

Despite the potential benefits of FIT21, the token’s price has been quite volatile. On May 24, 2024, XRP traded at $0.5515, marking a 1.72% decline over the past 24 hours. However, its trading volume saw a significant 60% increase during the same period. Coinlore, a well-known crypto market analyst, also predicts that XRP could climb to $0.6037 within the next 10 days.

Source: Coinlore

Analyzing The Influences On XRP Price Movements

Yet, there’s a flicker of optimism. The Relative Strength Index (RSI) is at 47.64, suggesting a neutral market stance for XRP. This neutral position means either the bulls or the bears could dominate soon, with future developments, especially the ongoing legal battle and overall market sentiment towards cryptocurrencies, being decisive.

The interplay between the SEC lawsuit further complicates the situation, the potential impact of FIT21, and the mysterious activities of XRP whales. While legal proceedings might offer a clear direction for Ripple, the whale movements and price fluctuations add a layer of unpredictability. Time will reveal how these factors will ultimately shape the price and future of XRP.

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The author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.

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