Amidst the aftermath of Judge Analisa Torres’ ruling in the United States Securities Exchange Commission v. Ripple Labs case, which declared XRP not to be a security, the digital asset is grappling to maintain its upward trajectory.
This struggle has prompted some investors to offload their holdings, exacerbated by a substantial player in the market moving a sizable amount of 29 million XRP – equivalent to a value exceeding $15 million – to the Bitstamp crypto exchange.
This transfer has coincided with a decline in XRP’s price that is precariously approaching a crucial support level.
A recent announcement from Whale Alert on August 24 revealed the movement of a significant holder’s 29.3 million XRP tokens, valued at $15.13 million, to the Bitstamp exchange.
There are indications that this whale might be divesting its XRP assets, given its prior transfer of 14 million XRP to Bitso just a few hours earlier.
Judge Torres’ decision to allow the U.S. SEC to pursue an interlocutory appeal concerning XRP token sales has triggered a marked downturn in the market.
Consequently, the price of XRP has experienced a sharp descent, breaching vital support thresholds of $0.6 and $0.5.
Though XRP’s price is currently recuperating from the $0.5 support level, the specter of a substantial plunge looms if traders and prominent holders choose to liquidate their positions.
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Meanwhile, the anticipated trial involving Ripple and the SEC is projected to take place either towards the end of April or in mid-May.
This timeline aligns with notifications from both the SEC and Ripple Labs, including CEO Brad Garlinghouse and Executive Chairman Chris Larsen, who cited their unavailability during the second quarter of 2024.
This development did temporarily boost XRP’s price; however, the bullish momentum proved short-lived.
In the past 24 hours, the value of XRP has encountered a decline exceeding 3%, presently settling at $0.51. Within this timeframe, the price has vacillated between $0.510 and $0.528.
Additionally, a decrease in trading volume has been observed over the same 24-hour period.
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