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HomeCrypto NewsMarketRipple Moves 50M XRP as Rally Faces Resistance at $0.35

Ripple Moves 50M XRP as Rally Faces Resistance at $0.35

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The recent Ripple transaction is part of over 122M XRP tokens moved by whales in the past 24 hours.

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Ripple recently moved 50M XRP ($17.4M) amid the hurdle faced by the asset in its latest campaign to recapture the $0.35 price point. The 50M tokens moved by Ripple are part of 122M+ XRP recently shuffled by whales as the community witnesses significant updates on the legal battle between Ripple and the U.S. SEC.

Whale Movements 

The fund’s movement from Ripple involved the transfer of 50M XRP ($17.4M) to an unidentified wallet on January 9, 22:44 (UTC). There is currently limited information on the recipient wallet, but part of the funds, about 15M XRP, were routed through two more addresses to a Bitso wallet barely two minutes after they were received.

This marked the second whale transaction from Ripple in the past two days, as the American technology company was reported to have moved 100M XRP ($34M) to an unknown wallet on Sunday at 19:59 (UTC).

Following the recent transaction from Ripple, two more whale movements ensued. The first transaction was an exchange inflow, as whales sent 40M XRP ($13.9M) to Bitstamp on January 9, 23:35 (UTC). The second occurred ten minutes later and involved an in-house funds transfer between two Bitso addresses to the tune of 32.7M XRP ($11.4M).

Ripple Moves to Unseal Hinman Documents 

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The latest whale transactions come amidst impactful developments surrounding the SEC’s lawsuit against Ripple. Notably, Ripple recently demanded that Judge Torres deny the financial regulator’s motion to keep documents related to Hinman’s infamous speech from the public.

The SEC had put up several arguments in a sustained effort to keep the documents sealed. The latest attempt was in its omnibus motion of last month in which it argued that documents relating to the speech are not relevant to the decision of the court regarding the summary judgment.

Conversely, Ripple recently moved to disprove these claims, asserting that the documents were significant to its summary judgment motion and would be relevant to the court’s forthcoming decision.

XRP Faces Rejection at $0.35

Meanwhile, amid these updates, XRP has faced a roadblock in its journey to reclaim $0.35, but the decline in momentum is not unique to the asset, as the broader market has faced a collective rejection.

Following a surge to the high of $0.3576 yesterday, XRP’s rally lost its steam, as the asset plummeted to $0.3437 before slightly recovering. XRP is currently trading flat in the past 24 hours, changing hands at $0.3488 as of press time.

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Author

Albert Brown
Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

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