- The 20 million XRP move hints at a long-term strategy, reducing available supply in the exchange market.
- Ripple’s legal victory against the SEC has renewed market sentiment, drawing attention to XRP’s price potential.
A recent transaction involving a substantial 20 million XRP has drawn attention in the crypto market. The transfer, valued at approximately $11.7 million, was facilitated by Upbit, a leading South Korean crypto exchange, to an undisclosed wallet.
According to Whale Alert, a blockchain tracking service, the large-scale movement has sparked discussions about the intentions of the whale behind this acquisition.
🚨 20,000,000 #XRP (11,733,269 USD) transferred from #Upbit to unknown wallethttps://t.co/GSOIZewqvv
— Whale Alert (@whale_alert) September 15, 2024
Transfers of such magnitude from exchanges to personal wallets are often interpreted as long-term strategies. When whales move assets off exchanges, it typically signals that they are not planning to sell soon, possibly indicating confidence in future price increases.
Cold storage transfers can also suggest that investors are safeguarding their holdings, particularly when they believe the asset has growth potential.
This transaction adds another chapter to XRP’s recent prominence in the market. Ripple, the company behind XRP, recently resolved a high-profile lawsuit with the U.S. Securities and Exchange Commission (SEC).
After a nearly four-year legal battle, Ripple was ordered to pay $125 million, a fraction of the original SEC demand. This outcome has influenced XRP’s market sentiment, positioning the asset favorably among investors.
Ripple's case is over, but the 'fair notice' defense is still alive for others. The SEC cites the 2017 DAO report as industry notice that 'crypto asset securities' are subject to US securities laws. Seven years later, the SEC apologizes to a federal judge—surely a person of at… pic.twitter.com/fTjQMKEwCw
— Stuart Alderoty (@s_alderoty) September 13, 2024
South Korea remains a key region for XRP trading activity
Ripple is consistently ranked among the most traded crypto in the country, reflecting its widespread adoption within the local market.
As regulatory clarity surrounding Ripple continues to evolve, both in the U.S. and globally, XRP’s role in the broader crypto market remains a topic of interest for investors.
Currently, XRP is priced at $0.5876 with support at $0.5823 and resistance at $0.5962, indicating a consolidation phase in the short term. The moving averages suggest a sideways movement, with no clear up or down trend.
As for institutional interest, XRP has gained traction following recent legal developments and the creation of the Grayscale fund for XRP, which has attracted institutional liquidity, supporting a positive medium-term outlook.
