Following a series of large transactions by cryptocurrency whales, the price of XRP experienced notable volatility, with the digital asset's value declining despite recent legal victories for Ripple. Significant whale transactions were reported, including an unknown wallet transferring about 24.70 million XRP to Bitso and 23.40 million XRP to Bitstamp, hinting at a potential increase in supply and bearish sentiment among investors.
In contrast, a separate transfer of 100 million XRP between two anonymous wallets was observed, which could indicate a bullish outlook by some market participants. Despite these conflicting signals, XRP's price dropped by 6.68% to $0.6503, and its market cap decreased by 6.56% to $34.87 billion. This downturn comes even as XRP had shown an upward trend of 8% over the past week and an impressive gain of over 30% in the last month.
The price movements coincided with the conclusion of the Ripple Swell conference, which did not feature the anticipated announcement of a Ripple IPO. The absence of this news may have contributed to investor uncertainty and the subsequent impact on XRP's price.
This bearish turn follows a period of optimism spurred by a court ruling in favor of Ripple Labs, where Judge Analisa Torres stated that XRP's sales on secondary markets do not constitute securities transactions. Before the recent decline, XRP had reached a high of $0.72, buoyed by this legal development.
Despite the current dip in value, some market observers maintain high hopes for a swift recovery for XRP, bolstered by technological advancements on the XRP Ledger (XRPL) that promise real-world utility. As the market digests these developments and their implications for Ripple and XRP, investors are closely watching for signs of stabilization or further movement in the cryptocurrency's price.
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