XRP whales on the move

Ripple moved ahead to file a reply letter in further support of its Motion to Seal documents. The motion is in connection with the SEC’s Motion for Judgment and Remedies. It mentioned that many of the arguments contained in the commission’s brief were addressed in the opening papers. However, Ripple wanted to briefly respond to two of the arguments in opposition.

Data provided by the Whale Alert shows that more than 371 million XRP tokens (approx worth $192 million) were moved in multiple transactions over different exchanges in the last 24 hours. The biggest transaction reported by the on-chain tracker is of a whale scooping 262.5 million XRP tokens (approx worth $137 million) from the Kraken crypto exchange.

This move suggests that the whale bought the dip as XRP price has seen a decline of over 15% in the last 60 days. Still, Ripple’s native token has managed to print greens in the 30 days index which proposes a positive trajectory for XRP.

XRP price reported a marginal drop in the last 7 days. It is trading at an average price of $0.517, at the press time. Its 24 hour trading volume is down by 2% to stand at $1.2 billion. XRP is still holding a $28.6 billion market cap despite facing a legal challenge from the US’s biggest financial regulator.

What’s new in the case?

There were a few whales that dumped a part of their XRP holding which might be the reason behind its recent decline. Data shows that more than 109 million XRP (approx worth $56.5 million) were moved from unknown wallets to multiple crypto exchanges.

This dump was recorded when Ripple presented an argument over the SEC’s pursuit to seek information about the firm’s current financial condition. The blockchain firm has explained in its opposition to the SEC’s remedies motion, that is incorrect.

It mentioned that Ripple is not arguing that it may be unable to pay any measured penalty. It added that there is no reason to believe that its current financial statements are relevant to the Court’s analysis.