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Ripple-Owned Wallets Send Millions of XRP to Exchanges After SEC-Grayscale Blow

Published August 31, 2023 3:38 PM
Omar Elorfaly
Published August 31, 2023 3:38 PM

Key Takeaways

  • Wallet connected to Ripple transferred millions of XRP tokens.
  • A big change in exponential moving average.
  • XRP price back to normal after SEC lawsuit hype subsides.

Ripple’s XRP has been enjoying trouble-free success since the company’s legal triumph against the US Securities and Exchange Commission (SEC) in a lawsuit, in which the regulatory body claimed that the company had sold unregistered securities in the form of XRP.

Since then, XRP has been listed on several new exchanges, marking the token’s potential for longevity in the market.

Bithomp , an XRP-focused tracking platform has recently tracked mass movement for the token, showing transfers worth millions of US dollars. 

Bithomp tracks key XRP transfers
Bithomp reports XRP movement by the hundreds of millions

Millions Of XRP Sold

Whale Alert recently tweeted about two unknown whales who have withdrawn more than 850 million XRP in two transfers from EU-based crypto exchange Bitvavo.

The first transfer involved 425,118,503 XRP tokens, worth $224,906,760. The second one regarded 425,868,525 XRP tokens, worth $220,143,198.

More importantly, Bithomp alerted followers regarding a 28,400,000 XRP deposit to a crypto exchange with an intention of a future sale. Ripple’s tokens amount is worth around $14,921,752.

The sudden XRP tokens mass movement marks a staggering change in the token’s exponential moving average (EMA). 

XRP EMA trends spike
XRP transfers spike indicating potential changes to token pricing

Investors and stakeholders often rely on 200-day EMA as an indicator to gauge long-term trends. Movement of that level could mean XRP is gathering momentum for a significant price movement, either upward or downward.

However, investors and trackers so far struggled to identify the direction for the token’s future trends.

Legal Stability For Ripple/XRP

Ripple has recently obtained a monumental partial triumph against the SEC as an US District Judge, Analisa Torres, ruled that XRP is not a security. At the time, Ripple’s win was celebrated by several crypto institutions, such as Coinbase, reviving hopes in their own SEC litigation.

The SEC also received a heavy blow this week as it lost in a case launched by Grayscale, a digital asset manager, in which it claimed the regulator unfairly dismissed its ETF application.

As a result, the market is gearing up for a more stable crypto sector as responses for major ETF applications filed by Wall Street giants are expected imminently.

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