There has been a considerable amount of XRP being sold on exchanges by large investors, often referred to as whales, in recent days.
As per a tweet by commentator MartyParty, a whopping 63,570,000 XRP had been transferred to exchanges since the 1st of July.A sudden influx of such a large amount of XRP hitting exchanges could overwhelm existing buy orders and drive the price down.
This is especially true, if there aren’t enough buyers ready to absorb all the tokens at the current price. The market could experience increased volatility as investors react to the whale activity.At press time, XRP was trading at $0.4789. After testing the $0.556 level on the 6th of May, the price of the token fell significantly.
During this period, the price exhibited multiple lower lows and lower highs, indicative of a bearish trend. The recent uptick in price of XRP wasn’t significant enough to reverse or weaken the trend.However, the same couldn’t be said about the CMF which had decreased significantly over the last few days, which implied that the money flowing into the XRP token had waned.
However, Ripple has declined this offer, as the firm seems posited to win instead of just opting to settle. Investors, though, may lose more confidence the longer the case carries on.This move has also drawn criticism against the SEC — primarily, that the regulatory body is stifling innovation in the crypto space.
The legal entanglement has proven costly for Ripple as well, with the firm having spent over $200 million so far.Himalay is a full-time journalist at AMBCrypto. A Computer Science graduate, Himalay writes about crypto with a special focus on the latest coin-based updates. He is a fan of gonzo journalism, transgressive fiction, heavy metal, and Manchester United.Subscribe to get it daily in your inbox.
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