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- Whale Alert detects a massive transfer of 20 million XRP tokens to the BitGet exchange.
- The Ripple vs. SEC legal battle remains a crucial point of interest for XRP supporters.
In the midst of a correction in the XRP price, Whale Alert has detected significant movement that might potentially signify a token sell-off.
Whale Alert has detected a huge transfer of 20 million XRP tokens worth $11 million from an unknown wallet to the BitGet exchange wallet. Moving assets to an exchange wallet often indicates that the assets may be liquidated; thus, it is critical to monitor the potential impact of this transfer.
🚨 20,000,000 #XRP (11,000,053 USD) transferred from unknown wallet to #BitGethttps://t.co/4gxoEPHbXj
— Whale Alert (@whale_alert) July 19, 2024
Significant XRP Holdings and Historical Transfers Detected by Whale Alert
Prior to this major transaction, the transmitting wallet had not performed any noteworthy activities. Furthermore, the wallet still contains 101.838 million XRP tokens, valued at around $56.56 million.
Previously, Whale Alert reported a massive transfer of 26.28 million XRP tokens from a Binance wallet to an unknown wallet.
At the time of writing, XRP is still in correction, having fallen 4.46% over the last 24 hours to $0.5560. Despite the short-term decrease, XRP had increased by 18.60% in the last seven days. Despite the selling pressure, some analysts believe XRP has the potential to revert to a bullish trend.
CNF previously revealed that popular analyst Blockchain Backer believes XRP is primed for a 59% price spike, citing a bearish MACD signal and RSI divergence. This could be similar to the strong bullish rise that occurred in 2017.
The continuing legal struggle between Ripple and the United States Securities and Exchange Commission (SEC) remains a key topic of interest for XRP supporters, as the conclusion might influence the token’s long-term status and explain regulatory problems surrounding cryptocurrencies in the United States.
