XRP Whale Moves 384M Tokens, Market Dump Incoming?

A prominent XRP whale transferred a massive amount of XRP tokens on Tuesday, September 24. This fueled speculations of an incoming market dump as the investor might capitalize on the potential conclusion of the Ripple vs. SEC case. The whale moved nearly 384 million XRP tokens today.

Latest XRP Whale Movements

On Tuesday, September 24, the XRP whale transferred 383.85 million tokens, valued at approximately $224.3 million, through four separate transactions to an unknown wallet. The first three transactions, each transferring 95 million XRP tokens, occurred in quick succession, according to Whale Alert.

At the time of the transfers, these transactions were valued at $55.5 million, $55.5 million, and $55.52 million respectively. Moreover, the XRP whale’s fourth transaction followed shortly after, moving 98.85 million tokens valued at $57.77 million.

🚨 🚨 🚨 98,852,249 #XRP (57,776,166 USD) transferred from unknown wallet to unknown wallethttps://t.co/G9nDpJdSgV

— Whale Alert (@whale_alert) September 24, 2024

This sudden shift in large sums of XRP has drawn attention amid growing rumors surrounding Ripple’s legal situation with the SEC. On Monday, September 23, Ripple moved 200 million XRP, worth $117.61 million at the time, sparking speculation that the transaction is linked to a potential $125 million penalty payment to the SEC. The penalty payment could signal the resolution of this case.

Impact on XRP Price

Market watchers believe that the XRP whale may be positioning to capitalize on a potential XRP price surge, which could follow the official end of Ripple’s legal struggles. If the penalty is paid and the case is closed, neither party would be able to appeal, bringing a long-anticipated conclusion to the lawsuit.

If the whale profits from such a rally, the momentum could be short-lived due to the massive profit-taking. Currently, the XRP is relatively stagnant at $0.5881 but bulls are now eyeing a breakout above $0.592 and $0.60 for the bullish momentum to persist. Nonetheless, the uncertainty around whale sell-offs remain a big question.

Also Read: Fraudsters Impersonate Ripple’s Brad Garlinghouse in Latest XRP Airdrop Scam