While Ripple, the firm behind XRP, is facing a new class-action lawsuit in California. XRP The $27 million sale of whale sparked a frenzy of speculation among global crypto market enthusiasts. This whale transfer, which took place right after Ripple’s new lawsuit announcement, attracts attention because it contradicts today’s price movements of XRP.
As XRP’s price soars, a contrast is playing out between the whale’s massive transfer to a major exchange and Ripple’s exposure to new regulatory issues, according to data from CoinMarketCap. Derivative data of the Ripple-backed token also shows an upward trend in the market in parallel with the intraday rise of XRP. This situation, crypto- This is causing further speculation among market traders and investors about the future of XRP.
XRP Whale Activity Leads to Speculation
Koinfinans.com As we reported, according to data released by Whale Alert, 27 million XRP worth $14.87 million was transferred to Bitstamp, a cryptocurrency exchange based in Luxembourg City. The fact that this transfer was made by a wallet called …Rzn, which had previously carried out similar transactions, attracted more attention to the transaction. These transfers to Bitstamp and similar transfers to other exchanges such as Bitso have emerged as a recurring trend, especially after Ripple acquired a strategic stake in the aforementioned crypto exchange.
Interestingly, this significant offload failed to reduce the price of XRP, rather it increased the price of XRP, which means it did not affect the price increase of XRP today. This has sparked intense speculation among crypto market enthusiasts, with Ripple facing a new legal issue in the Northern District of California.
Ripple, a San Francisco-based fintech company, is facing a new class-action lawsuit accused of violating federal and California securities laws. The lawsuit accuses Ripple of facilitating the sale of the digital asset XRP without required registrations.
XRP Price Analysis
At the time of writing, the price of XRP increased by 2.78% in the last 24 hours, reaching $0.555. Notably, the token’s trading volume increased by 97.19% to $1.42 billion, while its market capitalization increased by 2.75% to $30.31 billion. According to data from Coinglass, this, combined with a 5.34% increase in open interest and a 186.87% increase in volume, indicates a bullish trend in the market. However, today’s price movements are at odds with the whale’s massive transfer and the lawsuit Ripple is facing.
According to data from CoinMarketCap, the token is among the top 6 cryptocurrencies by global market cap, helping investors and traders understand the value and activity around XRP. However, a major price increase supporting this positive mood is awaited with great excitement by crypto market enthusiasts.
