XRP Whales Move 81M Coins As Ripple Files Cross-Appeal Against SEC, What’s Happening?

XRP whales nabbed significant investor attention on Friday, moving millions of coins after Ripple filed a cross-appeal against the U.S. SEC in the XRP lawsuit. Recent on-chain data suggests that nearly 81 million coins were sent to crypto exchanges over the past day, raising market concerns despite the recent filing that supports the American blockchain payments firm. Meanwhile, the payments firm’s native coin traded dominantly in the green recently, sparking contrasting sentiments among investors amid recent developments.

XRP Whales Dump 81M Coins Raising Market Concerns

According to data revealed by the blockchain tracking platform Whale Alert on October 11, XRP whales dumped 81.56 million coins to crypto exchanges despite the recent optimistic filing of a cross-appeal by Ripple. As per the data, the unknown whale address rGd..p1k moved 52 million coins, worth $27.83 million, to the crypto exchange Bybit.

Simultaneously, the address …Rzn shifted 29.56 million coins, worth $15.62 million, to Bitso. These transactions, underscoring a bearish market sentiment for the asset, raise investor speculations as Ripple contrarily bolsters its case in recent lawsuit developments. The American blockchain payments company filed a cross-appeal against the U.S. SEC regarding the final judgment in the lawsuit, CoinGape Media reported. This legal maneuver, bringing support for the firm’s native coin, contrasts with the recent whale movements that bring selling pressure.

On the other hand, cryptocurrency derivatives exchange Bitnomial sued the US SEC in another legal chronicle over the regulator’s jurisdiction over XRP futures contracts. Altogether, recent market events hint that Ripple’s native enjoys legal maneuvers in its favor.

Coin Price Rises

At press time, XRP price noted gains worth 1% over the past day and is now trading at $0.5357. The coin’s intraday low and high were recorded as $0.5239 and $0.5432, respectively. Today’s rising movement comes despite the abovementioned XRP whale dumps, mirroring optimism in light of the blockchain payments firm’s cross-appeal filing.

Further, Coinglass data indicated that the coin’s futures OI soared nearly 4% over the past day to $711.55 million. Even the derivatives volume surged 85% to $1.30 billion, underlining rising investor interest in the asset. This data has reverberated optimism for the crypto’s long-term prospects in the wake of abovementioned developments.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.