XRP Whale Transfers 31M Tokens to Bitso, Intensifying Market Chatter as Ripple Labs' Legal Showdown with the SEC Hits a Pivotal Stage

With XRP hovering around $0.50 support, investors brace for possible sell-off pressure.

A recent blockchain transaction has brought to light the movement of 31.1 million XRP tokens, valued at approximately $15.8 million at the time of the transfer. These tokens were observed being shifted from an anonymous wallet to the cryptocurrency market Bitso, according to data from blockchain monitoring services such as Whale Alert.

This large-scale transfer has garnered attention within the XRP community due to its occurrence amidst pivotal developments in Ripple's ongoing legal battle with the U.S. Securities and Exchange Commission (SEC). The community is closely monitoring any potential implications on XRP's market performance.

As a reminder, when a substantial amount of XRP is sent to an exchange wallet, it often precedes a sell-off, which can exert downward pressure on the XRP price. Hence, this observation has sparked speculation among investors regarding an upcoming sell-off in the XRP market.

However, the precise nature of this transaction and its intended purpose remain to be fully clarified.

In other news, a recent court directive has pressed Ripple to explore any "alternative resolutions" in the class-action lawsuit brought by investors over claims that Ripple and its executives violated securities laws by offering XRP without registering it with the SEC.

This order arrives as Ripple has requested a final ruling on the class-action claims, arguing that the court has already addressed the SEC's claims in the lawsuit.

Meanwhile, Egrag Crypto, a cryptocurrency enthusiast, has shared his perspective on social platform X in light of Ripple's legal troubles.

He suggests that XRP is about to experience a surge, presenting a price target of $7.50. According to his analysis, if XRP manages to break through a key resistance level, it could trigger a massive rally.

According to Coingape, Egrag's breakout target is set at $0.5930, which is significantly higher than Ripple's current trading price of about $0.5183.

If XRP manages to breach this level, it may encounter resistance at $1.5000, and it might potentially ascend to $7.5000. Compared to where things are now, this would be a 1,347% gain.

In the realm of exchange-traded funds (ETFs), the U.S. Securities and Exchange Commission (SEC) has acknowledged Grayscale's XRP ETF proposal.

The SEC has received a request from Grayscale to transform its Digital Large Cap Fund (GDLC) into an ETF. The GDLC includes holdings in XRP, Bitcoin, Ethereum, and other major cryptocurrencies.

If the SEC approves this conversion, institutional investors could gain regulated access to XRP through Grayscale's Grayscale's decision to include Ripple's coin in their ETF application.

Recently, there have been growing institutional efforts to launch an XRP ETF, with firms like Bitwise and Canary Capital submitting applications to the SEC.

An XRP ETF is "inevitable," according to Ripple CEO Brad Garlinghouse, who has been expressing his belief in this even before the ETFs for Bitcoin and Ethereum were approved.

Worries about possible volatility have been heightened by the recent whale movement, as XRP's price has been trading at a vital support level around $0.50.