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Cryptocurrency News Articles
XRP Whales Withdraw 40M Tokens from Bybit, Signaling Increased Activity
Sep 28, 2024 at 06:28 am
XRP whales have withdrawn 40 million XRP from Bybit, moving approximately $23.3 million to private wallets. Whale Alert flagged the large transaction
Crypto analytics firm IntoTheBlock highlighted large XRP whale movements on Friday, revealing that massive outflows from exchanges have been observed throughout the week.
According to IntoTheBlock, XRP whales have withdrawn 40,000,000 XRP from the centralized exchange Bybit. This bulk transaction, valued at roughly $23,313,130, has been transferred to private wallets, as noted by Whale Alert.
This substantial withdrawal adds to the growing speculation of increased whale activity in Ripple (XRP). Notably, earlier this week, major investors were observed accumulating XRP tokens, with an outflow of 30,000,000 XRP tokens from exchanges.
CryptoQuant, a renowned crypto analytics firm, further disclosed that on Sept. 26, nearly 71,133,634 XRP tokens were withdrawn from exchanges. Additionally, over 55,330,633 tokens have been pulled from trading platforms throughout the day.
As of press time, XRP trades at around $0.5888, exhibiting a slight decrease of 0.68% over the last 24 hours. Nevertheless, a surge in trading volume of 17.75% brings the total trading volume to roughly $1.2 billion, indicating a growing interest in the token.
If the bullish trends continue, XRP may experience a potential 30% price surge, according to Ryan Lee from Bitget Research. This forecast is attributed to possible positive developments in Ripple’s ongoing legal case with the United States Securities and Exchange Commission (SEC).
Furthermore, several analysts on social media have expressed bullish sentiments regarding XRP's trajectory. Dark Defender, a popular crypto influencer, tweeted that a breakout is “imminent,” urging the XRP Army to prepare for the next move.
In another post, Carl Runefelt, also known as The Moon on X, expressed confidence in XRP’s potential to make a parabolic move, targeting $1.34 — a 221% gain — if it breaks out of a massive triangle pattern.
On the other hand, the commission is poised to appeal the Ripple ruling, sparking fresh concerns.
A former SEC attorney has indicated that the agency will likely appeal Judge Analisa Torres's July 2023 ruling in the Ripple case, which declared that XRP sales cannot be considered a security transaction.
Speaking to Fox Business journalist Eleanor Terrett, the former SEC lawyer said the agency believes the ruling is flawed and could have broad implications for the cryptocurrency market. Notably, the appeal deadline is set for Oct. 7, and speculation is growing over the SEC’s next move in this highly anticipated legal battle.
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