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As Ripple approaches its $125 million settlement with the US SEC, XRP whales have escalated their selling activities, raising concerns about the cryptocurrency’s market stability.
XRP Whales Trigger Market Concerns
In the days leading up to Ripple's $125 million settlement with the US SEC, XRP whales have caused serious investor anxiety by selling off their holdings in large quantities.
The recent activity of roughly 1 billion XRP, as shown by on-chain statistics, has sparked conjecture about the potential price swings of the cryptocurrency. The American blockchain payments firm's recent large escrow transactions have also stoked concerns about the future of the XRP price.
Ripple Receives 1 Billion XRP from Whales
In a series of transactions that occurred over the previous day, whales transferred a staggering 1 billion XRP to Ripple, according to on-chain data shared by Coingape and disclosed by Whale Alert on September 2. In addition, a prominent whale address, ..Rzn, dumped 20 million XRP onto the Bitstamp interchange.
Market participants are now feeling pessimistic due to these transactions, which highlight the fact that the asset is being sold at a higher volume. The dump transactions seem to be increasing, and this week there will be a payment of $125 million to the SEC.
Ripple's $125 Million SEC Payment Due
This week, the cryptocurrency company will reportedly pay $125 million as part of a legal maneuver involving the XRP litigation. Two hundred million XRP currencies have been unlocked by the firm.
But it's important to remember that Ripple just put 800 million XRP in escrow. One billion XRP were released from escrow before this. The market is now uncertain about the future performance of the crypto asset due to these enormous changes.
XRP Price Drops Amid Whale Activity
The selling by XRP whales caused a 1.5% drop in price, which is now $0.5503. Over the course of a day, the price of the coin fluctuated between $0.5448 and $0.5618. Increasing selling pressure on the asset is the primary driver of today's decreasing trend, as indicated before.
On the other hand, CoinGape Media predicted that XRP might reach $4 in the near future due to the company's new banking plan.
XRP's Supply and Derivatives Shift
However, the statistics from Coinglass further fueled differing opinions about the cryptocurrency. The supply of the coin fell 1.15 percent to 608.68 million today. Additionally, the amount of derivatives increased by 65% to $823.89 million.
In addition, the coin's relative strength index (RSI) was hovering around the 42 mark, suggesting that the asset is not now overbought or oversold. Following today's notable XRP news of big whale dumps, crypto market aficionados are keeping a close eye on XRP.
