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Whale Moves 51M Coins Amid Ripple’s Reply Letter to US SEC, What’s Next?
XRP Price: The Ripple vs the U.S. SEC legal tussle has once again taken an exciting turn, garnering substantial attention across the XRP crypto community. Ripple Labs has filed a ‘reply letter’ in support of its motion to seal key remedies-related documents following the U.S. SEC’s recent opposition to Ripple’s motion.
Amidst this legal development, a whale’s action has caused a significant stir in the crypto market. A renowned XRP whale was recorded shifting nearly 51 million XRP to CEXs, birthing speculations over the Ripple-backed asset’s future price trajectory.
Here’s a closer look at the recent legal developments and the ripple effect for XRP caused by this whale activity.
Whale Dumps 51M Coins Amid Ripple’s Reply Letter: Here’s Everything
Ripple Labs has made its stance clear in its May 29 filing to Judge Analisa Torres in the United States District Court of the Southern District of New York. It has primarily contested two of the U.S. SEC’s central arguments. Firstly, the SEC’s claim that Ripple’s current financial condition is ‘important to the Court’s determinations.’ Secondly, Ripple has refuted the SEC’s assertion that the information it provided is ‘stale,’ as the SEC proclaimed in its opposition filed earlier this month.
Intriguingly, in its filing, Ripple eluded disclosing its current financial condition, claiming that the firm never denied paying any potential amount of penalties that may be imposed, and otherwise, the financial condition data is of no relevance for the court’s analysis. Moreover, Ripple facilitated through the declaration of its CFO, Jonathan Bilich, that the terms of its contracts are confidential and future counterparties would gain leverage
from learning Ripple’s negotiated terms in past contracts.
Meanwhile, as these legal developments unfolded, a renowned XRP whale, Rzn, offloaded 51.18 million XRP to Bitstamp and Bitso via a couple of transactions. The whale transferred 28.05 million XRP, worth $14.67 million, to Bitstamp. In another transaction, it shifted 23.13 million XRP, worth $12.11 million, to Bitso.
Simultaneously, amid legal uncertainty and increased supply pressure on exchanges, XRP traded with quite turbulence.
Also Read: Shiba Inu’s Shibarium Attains Major Milestone, Cuts Ethereum Bridge Time
XRP Price Fluxes
As of writing, XRP’s price has dropped 1.11% in the past 24 hours and is currently trading at $0.5236. Its 24-hour lows and highs are $0.5201 and $0.5321, respectively.
Coinglass data shows that XRP futures OI saw a 3.09% dip, whereas the derivatives volume spiked 15.52%. This further underscored an uncertain sentiment for the ripple-backed digital asset prevalent in the market, potentially due to speculative trading.
Besides, the RSI surfaced at around 48.76, hinting at neutral territory with slight downside pressure. Collectively, market data coupled with regulatory uncertainty have shrouded XRP’s price movements in a cloud of conundrum.
Nonetheless, it is worth mentioning that well-known crypto analysts have foreseen the Ripple-backed asset topping $1 shortly.
Also Read: This Cohort Accumulated 154,560 Bitcoins In Five Months, BTC Price Surge Ahead?
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.
The Ethereum price has surged more than 7% recently, with recent indicators hinting towards a potential ETH rally to $10K ahead. Notably, the recent surge also indicates a bullish momentum for the crypto ahead. So, here we explore some of the top indicators that could propel an ETH price surge ahead.
5 Indicators To Watch For Ethereum Price Rally Ahead
A recent X post from top on-chain analytics platform IntoTheBlock highlighted that Ethereum often follows Bitcoin’s rallies. While mixed signals exist, certain metrics suggest optimism. The platform noted that whales continue accumulating ETH, indicating confidence in the asset’s long-term growth. Increased transaction volumes and minimal selling pressure from holders are also contributing to Ethereum’s positive outlook.
In addition, one critical indicator is daily transactions, which recently rose to 1.22 million from 1.1 million three months ago. This slight uptick reflects growing network activity and rising demand for Ethereum.
Another key metric is large holder netflow, which tracks the buying activity of whales. When whales accumulate, it reduces sell-side pressure and supports price appreciation. Short-term holder behavior also warrants attention.
Meanwhile, increased activity among short-term investors often aligns with heightened retail interest. The holding time of transacted coins is another bullish sign. A steady hold time suggests that long-term investors are retaining their assets, keeping supply constrained as demand grows.
Lastly, exchange flows reveal sentiment trends. Significant outflows from exchanges typically indicate accumulation, signaling confidence among investors.
ETH Rally To $10K Imminent?
ETH price today was up nearly 8% and exchanged hands at $3,343, while its one-day trading volume rocketed 61% to $45.19 billion. In addition, Ethereum Futures Open Interest also rose more than 13%, indicating a strong market confidence towards the crypto.
Amid this, a top crypto market expert predicts ETH price to hit $10K in the coming days, sparking market speculations. However, despite that, a recent Ethereum price analysis hints that the top altcoin should soar past the $4K mark, before its further rally.
Having said that, a flurry of crypto market experts anticipates the crypto to continue its rally in the coming days. In addition, as BTC hits a new ATH recently, the market pundits expect the altcoins to follow suit, especially amid soaring optimism towards a clear regulatory path after Donald Trump’s election win.
Rupam Roy
Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.
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.
Ripple SEC Lawsuit: The US Securities and Exchange Commission (SEC) hinted at “digital asset securities” claims amid the appeal in the Second Circuit Court. The move comes as XRP price surpassed $1 and expected a rally to $2 on Gary Gensler’s resignation and the end of XRP lawsuit during Donald Trump’s presidency.
US SEC Hints At Digital Asset Securities Claims In Ripple Lawsuit
In a PLI’s 56th Annual Institute speech last week, SEC Chair Gary Gensler reiterated “Bitcoin is not a security.” He also cleared the intention to continue considering XRP as security as he didn’t mention it along with “Bitcoin, ether, and stablecoins.”
“Our focus, rather, has been on some of the 10,000 or so other digital assets, many of which courts have ruled were offered or sold as securities. Putting this in context, aside from bitcoin, ether, and stablecoins, the rest of this market approximates $600 billion.”
Crypto lawyer James Murphy, also known as MetaLawMan slammed the US SEC for using the term “digital asset securities” again in an X post on Wednesday. Gensler and the SEC disregarded the court’s order on XRP security status in the Ripple SEC Lawsuit. This indicates that the agency failed to comply with its recent apology for using the term “crypto asset securities” in lawsuits.
Here we go again “digital asset securities.”
Unbelievable. https://t.co/vqCbEJ9PNh— MetaLawMan (@MetaLawMan) November 20, 2024
The regulator appealed the summary judgment on XRP sales by Ripple, XRP distribution to employees and others by the company, and XRP sales on exchanges by CEO Brad Garlinghouse and Executive Chairman Chris Larsen. However, the recent crypto narratives amid President-elect Trump has sparked speculation of the end of SEC v Ripple lawsuit.
Will XRP Lawsuit Get Dismissed?
The crypto community called for the dismissal of the long-running Ripple SEC lawsuit and resignation of SEC Chair Gary Gensler. Also, Ripple CEO Brad Garlinghouse said he is expecting a resolution or end of the SEC lawsuit after Trump’s win.
Ripple CTO David Schwartz cleared that the company is legally obligated to Ripple shareholders and not XRP holders. While Ripple can work around legal clarity around XRP and digital assets, the prices of digital assets don’t depend on the efforts of the company. Schwartz and lawyers assert XRP lawsuit will likely get dismissed or settled with $125 million.
Meanwhile, lawyer Bill Morgan asserted that the price of XRP is not influenced by Ripple’s efforts as seen by long-term investors. Notably, Gensler’s hint at resignation and the potential end of Ripple SEC lawsuit triggered an XRP price rally to $1.
XRP Price Rally to $2
XRP price is currently holding at 0.702 Fib retracement level. Any strong upside momentum can trigger the next move to the $1.6–$2. The strong sentiment in the XRP community and Trump’s crypto policies will maintain bullishness in the crypto market.
Popular analyst CredibleCrypto suggests XRP will probably going to make new ATH “a lot quicker than most are expecting.” XRP/ETH just reclaimed and retested a 4-year long-range in the monthly chart, which signals a 250% higher target. He predicted a target of $2.
XRP price jumped over 1% in the past 24 hours and 60% in a week, with the price currently trading at $1.13. The 24-hour low and high are $1.07 and $1.15, respectively. Furthermore, the trading volume has increased by 7% in the last 24 hours, indicating a rise in interest among traders.
Varinder Singh
Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.
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.
Amid a highly bullish DOGE market witnessed recently, Dogecoin whales’ action to heavily accumulate the token has garnered significant attention among traders and investors globally. On-chain data indicates over 500 million coins were bought from crypto exchanges, signaling increased market confidence in the asset’s long-term prospects. In the wake of this market statistic amid a bull market, crypto watchers anticipate a staggering 9000% gain in the dog-themed coin’s price ahead.
Dogecoin Whale Accumulation Spikes As Over 500M Coins Bought Recently
As per an X post by the renowned crypto market analyst Ali Martinez on November 21, Dogecoin whales bagged over 550 million tokens, worth $214.5 million, from crypto exchanges over the past week. This massive purchase has put significant buying pressure on the asset, pointing out the potential for considerable upside movement ahead.
Notably, the leading dog-themed meme crypto already surfs bullish tides, primarily attributable to the broader market events. Mainly, with Elon Musk’s taking the D.O.G.E. (Department of Government Efficiency) role under Donald Trump’s cabinet, market sentiments surrounding the meme coin have turned highly bullish.
Aligning with this endeavor, a recent CoinGape Media report reveals that D.O.G.E leads Elon Musk and Vivek Ramaswamy further outlined a strategy to reduce the federal workforce under Trump’s presidency. This saga garnered significant attention to the meme coin which is also much touted by Musk. It’s noteworthy that Elon and Vivek are also starting a podcast named “dogecast.” These chronicles, in turn, bring substantial attention to Dogecoin.
Simultaneously, in light of these broader events and the massive buying pressure brought by whales, market watchers foresee a phenomenal rally ahead.
DOGE To Soar 9000% Ahead?
At press time, DOGE price gained slightly by 0.5% intraday and is resting at $0.387, amid a surge in Dogecoin whale activity. The coin’s 24-hour low and high were $0.3666 and $0.3956, respectively. Notably, the monthly chart for the meme coin showcases gains worth 173%. This bullish movement has sparked further investor curiosity despite the recent turbulent performance.
Notably, leading crypto analyst Ali Martinez further spotlights that for DOGE to finally witness a 9,000% parabolic rally, 40% to 50% corrections are sure to be expected. This bullish projection rides the back of historical trends, as the meme coin witnessed a 9,470% pump in 2017 with two major corrections of 40% and another at 84%. In addition, recent on-chain data also indicates a potential rally for top meme coins like DOGE, SHIB, and others, in the coming days.
Subsequently, the coin skyrocketed 30,700% in 2021, seeing two key pullbacks of 46% and 53%. These statements indicate substantial potential for Dogecoin to pump ahead in the light of a broader bull meme coin market, further accompanied by massive whale accumulations.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
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.
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