Last few days Ripple Backed XRP is teetering on the edge of the last support level, hovering around 40 cents. Today it is trading at around $0.483. This short-term market uncertainty continued to drive investors away. However, the company’s top executives have repeatedly emphasized their determination to fight the United States SEC until justice is served.
Ripple Started Dumping Whales Ahead of FTX Liquidation Plan
🚨 31,400,000 #XRP (15,140,522 USD) transferred from unknown wallet to #Bitstamphttps://t.co/0t3NsOTewo
NEWS CONTINUES BELOW— Whale Alert (@whale_alert) September 13, 2023
On Wednesday, a United States federal judge approved FTX’s bid to liquidate its digital assets in order to repay distressed creditors. FTX is expected to launch approximately $50 million worth of assets on the secondary market this week, followed by $100 million next week, with the option to scale up to $200 million per week.
Given that FTX has approximately $119 million worth of XRP on-chain data crypto- whales began to prepare for a possible capitulation is showing.
A crypto whale transferred more than $15 million worth of XRP to Bitstamp on Wednesday, according to data provided by whale alerts. The fact that a similar transaction took place the day before suggests that more whales disposed of XRPs in anticipation of a capitulation.
XRPL Network Development
XRPL network continues to improve its capabilities to enable greater decentralization amid the ongoing SEC and Ripple legal battle. In the latest development, XRP Ledger has released version 1.12.0, which allows community voting for new changes. Additionally, XRP Ledger is actively working to provide scalable and sustainable smart contracts to facilitate mainstream adoption.
In the short term, XRP’s price needs to reclaim the support/resistance level around 53 cents to establish a bullish sentiment in the coming weeks. Otherwise, XRP’s price appears to be gradually descending towards the lower bound of a macro-symmetrical triangle.