Whales Shift 269 Mn Tokens

While the legal tussle between the United States Securities and Exchange Commission (SEC) and Ripple appears to be taking new turns with the recent arguments over access to financial statements and the discovery of the XRP sales, some of the whales are involved in big ticket transactions.

Also Read: Important Updates of Ripple (XRP) Lawsuit: When It Will End?

XRP Price Rally Ahead?

Following a transfer of XRP tokens worth $15.45 million on January 23, 2024, the whales are again at play with new transactions. CoinGape reported that a whale address transferred over 29 million XRP to Luxembourg City-based CEX. This was amidst analyst predictions of a rebound in price for the token owing to buying signals. It was also reported that the token is set to see a bull run in February, as 2024 is potentially a great year for token.

Whale Alert reported that 25,000,000 XRP tokens worth $12 million were transferred from Bitvavo to an unknown new wallet. This was followed by two other XRP token transfers of 123,112,280 and 121,399,830 tokens, totaling as many as 269 million tokens.

XRP ETF Approval?

However, the larger sentiment in the crypto market has been a downturn since the US SEC’s approval of the spot Bitcoin ETF, which gave traders and investors an outcome against the expectations in terms of the Bitcoin (BTC) Price uptrend. The legal tussle between Ripple and the SEC makes it a difficult proposition for market players hoping for the potential approval of the spot XRP ETF, in the context of increasing expectations of a spot Ethereum (ETH) approval soon.

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