XRP whales swept the broader crypto market on Thursday, moving millions of coins amid mounting speculation of a cross-appeal by Ripple to the SEC. Recent on-chain data indicates that nearly 73 million coins have been shuffled in the past 24 hours, sparking debate among market participants. Meanwhile, MetaLawMan lawyers recently filed a lawsuit against X, further demonstrating why a cross-appeal by blockchain payment companies in the XRP case is imminent.
XRP whale transfers 73 million coins, will Ripple refrain from counter-appeal?
Data provided by blockchain tracker Whale Alert on October 10 records that 73.16 million coins were transferred by XRP whales in the past day. End of famous address..Rzn released 21.16 million coins worth $11.05 million to exchange Bitso. A staggering 52 million XRP worth $27.37 million was then bagged from top cryptocurrency exchange Bybit at address 0xf7788124.
This huge accumulation has sparked investor curiosity around the world, given growing speculation of a cross-appeal by Ripple. MetaLawMan’s recent X post explains why selling XRP to institutions is a non-investment contract. The lawyer points out the similarities with “wholesalers” and says that selling tokens to institutions at a lower price than on retail exchanges is not an “investment” in relation to the US blockchain payment company and is therefore verified. pointed out. He further claimed that financial institutions were only purchasing cryptocurrencies at a discount, while there are other options on the market that would provide the company with direct investment opportunities.
These statements echo global enthusiasm and suggest that the likelihood of U.S. blockchain payment companies filing cross-appeals has increased significantly. Additionally, it’s worth noting that XRP ETF odds have been gaining weight recently, with investor enthusiasm for this asset increasing alongside the accumulation of large XRP whales. CoinGape Media reported that Canary Capital recently filed for an XRP ETF with the SEC despite regulatory hurdles.
Coin prices face turmoil
Meanwhile, blockchain payments company Native Coin faced significant volatility in line with today’s broader market trends. XRP price was trading at $0.5266, down nearly 1% in the past 24 hours. The coin’s intraday low and high were $0.5219 and $0.5333, respectively. Cryptocurrencies are experiencing volatility, especially following the filing of the SEC’s recent notice of appeal targeting Judge Annalisa Torres’ ruling ordering U.S. payments companies to pay a $125 million fine to regulators. facing. Additionally, the appeal evaluates decisions regarding the sale of securities to institutional investors.
Nevertheless, Ripple is preparing for a cross-appeal and market watchers are waiting for a change in market sentiment towards the native coin. Additionally, XRP futures OI fell by 0.07% today to $685.29 million, according to data from Coinglass. Additionally, even derivatives trading volume fell by nearly 8% to $704.12 million. Despite the massive XRP whale accumulation and recent legal developments, this data further raised investor concerns. Cryptocurrency market enthusiasts continue to monitor further price fluctuation changes.
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