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XRP Price Eyes Next Move After 425 Million XRP Gets Shifted

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Sun, 12/11/2023 - 15:11
XRP Price Eyes Next Move After 425 Million XRP Gets Shifted
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Whale Alert, a cryptocurrency data tracker, indicates a large XRP move in the last 24 hours. A new whale seems to have been born for XRP, the fifth-largest cryptocurrency by market capitalization.

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In a tweet, Whale Alert reports that less than half a billion XRP has been transferred to a new wallet. According to Whale Alert, 425,807,780 XRP worth $288,496,378 was transferred from an unknown wallet to an unknown new wallet.

The exact reason for the transfer remains unknown, but the possibility remains that of buying, most likely an OTC (over-the-counter) transaction that occurs outside of a crypto exchange.

XRP seeks to establish a new move following a significant surge in the early part of the past week that reached highs of $0.732 on Nov. 6.

Related
XRP Reclaims Key Level as Interesting Altcoin Scenario Begins

After a breathtaking ascent, bulls took a breather and could not reach the $0.74 level. Following that, XRP saw profit-taking, reaching lows of $0.628 on Nov. 9 before beginning to recover.

XRP was up 0.1% in the last 24 hours to $0.667 at the time of writing. Currently, all eyes are on a sustained break over $0.74, which would take XRP to $0.85. If bears take the upper hand, XRP may retest the $0.62 level as support.

Ripple CEO says SEC has lost sight of its mission

Ripple CEO Brad Garlinghouse believes the SEC has lost sight of one of its primary responsibilities as a regulator, CNBC reports.

In December 2020, the SEC filed a lawsuit against Ripple and its executives, alleging unregistered security offerings with XRP sales.

Ripple achieved a significant victory in July when a judge declared that XRP is not a security in and of itself. Following that, the SEC's request for an interlocutory appeal was denied. The SEC then dropped its claims against Ripple executives Brad Garlinghouse and Chris Larsen in October.

Related
Ripple vs SEC: Here's Latest Twist in Legal Battle

The next phase in the case is the remedies' discovery process. According to a proposed schedule submitted to the court, the SEC has 90 days beginning Nov. 9 to conduct remedies-related discovery.

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