Here’s Why The Crypto Whales Are Moving Their XRP Holdings

The post Here’s Why The Crypto Whales Are Moving Their XRP Holdings appeared first on Coinpedia Fintech News

Charles Hoskinson recently stated that he has heard “rumors” that the two-year legal struggle between Ripple and the SEC will end on December 15. 

“There are reports that the Ripple case will be resolved on December 15. And, well, we’ll have to wait and see what the outcome is; either way, it may be disastrous for the market.”

FOX Business reporter Eleanor Terrett, though, tweeted back, “It’s not true.” According to a follow-up tweet, the reporter confirmed that her sources had advised her there was no truth to the story. 

Hoskinson’s rumor has impacted the crypto sector and altcoin pricing negatively and has left the XRP community fuming.

Widespread Disruption

Crypto whales trade over 392 million XRP in one day as reports of a settlement in the case between Ripple and the SEC spread. 

Recent days have seen information concerning significant XRP moves being shared by Whale Alert, a cryptocurrency whale tracking service. According to the most recent transactions, the whales are moving huge sums of XRP to and from exchanges.

According to Whale Alert, these high-net-worth cryptocurrency investors have moved a staggering 392,764,221 (392.76M) XRP tokens in the last 24 hours. 

The significant XRP movement coincides with the spread of reports regarding a potential resolution to the current legal dispute between Ripple and the SEC.

XRP Whale Transfer

According to the information provided by the crypto whale tracking service, the most recent transaction occurred on December 12 – a withdrawal of 38,893,182 (38.89M) XRP worth $14.4M by an unnamed whale.

In addition, two anonymous whales shuffled 188.5M XRP worth $72.83M. Unknown whale withdrew 30M XRP ($11.67M) from Bitso.

Another Binance user withdrew 37,371,039 XRP tokens ($14.14M) to an unknown address.

XRP whales have flipped huge amounts of cryptocurrency since the news spread. 

How Will XRP Be Impacted? 

Our next move is to sit tight and watch. While this is going on, there is a lot of conjecture regarding the case’s outcome in the surrounding community.

As the verdict draws closer, we can anticipate a direct effect on the XRP prices. Traders need to move cautiously because of the market’s potential volatility. In theory, XRP’s price may rise between 50 and 60 cents. Conversely, pumps and dumps could happen in response to such news, leading to a significant decline in the XRP price.

For blockchain, this will be the next major disaster. If the claims are true, XRP might be directly impacted by a high-profile legal ruling, which is difficult to foresee.