The cryptocurrency space has witnessed the recent twists and turns surrounding XRP, the digital asset backed by Ripple Labs. In a surprising turn of events, XRP’s price has shown signs of recovery today April 30th, showing some upward momentum and trading at $0.513, a 2.32% gain in the last 24 hours, after 7% drop in the last 7 days and 18% drop in the last 30 days.
XRP Price Chart: CoinMarketCap
Amidst this slight gain in the broader crypto market, a tidal wave of speculation swept through the investment community as reports emerged of massive whale activity involving the transfer of a massive 75 million XRP tokens. This unprecedented move has prompted investors to scrutinize XRP’s current tokenomics and future price trajectory.
According to blockchain tracker Whale Alert, three colossal transactions contributed to the transfer of the 75 million XRP tokens. Two of these transactions involved a well-known XRP whale offloading substantial amounts of the cryptocurrency to centralized exchanges (CEXs). Meanwhile, an unknown address collected a sizable sum of XRP from Upbit, another CEX
Specifically, the address r3oWusPeT9…RNHs4AWfTv acquired 30 million XRP worth approximately $19 million. Concurrently, the XRP whale …Rzn transferred 22.15 million XRP worth $13.94 million to Bitstamp and 23.20 million XRP worth $14.89 million to Bitso.
🚨BREAKING: Whale Alert reports significant #XRP purchases, totaling 75 million tokens from Binance! 🔥 pic.twitter.com/iYRnQfIZ9O
— JackTheRippler ©️ (@RippleXrpie) April 30, 2024
This mixed sentiment among XRP whales, with transactions showing both accumulation and dumping, has fueled a diverse range of speculations within the investment community.
The Ripple vs SEC Legal Battle
Amidst the price changes and whale activity, the ongoing legal tussle between Ripple Labs Inc. and the Securities and Exchange Commission (SEC) has taken a new turn. The focal point has shifted to the nature of evidence presented in court, with the SEC opposing Ripple’s motion to exclude certain materials.
Ripple claims that these materials qualify as undisclosed expert testimony, while the SEC counters by asserting that the declaration merely performs arithmetic on Ripple’s financial records to aid the court’s understanding of the financial transactions involved, without relying on any specialized knowledge that would categorize the witness as an expert.
#XRPCommunity #SECGov v. #Ripple #XRP The @SECGov has filed its opposition to @Ripple’s Motion to Strike new expert materials. pic.twitter.com/qwVyGJI8ZS
— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) April 29, 2024
XRP Technical Analysis
Despite today’s bullish momentum, XRP’s price action remains bearish overall. After facing rejection at a support level, recording a low of $0.4315, XRP bounced back bullish. The previous week’s weekly candle closed as an inverted hammer, signaling potential bearish momentum after the retracement to the 61.8% Fibonacci retracement level.
XRPUSD Daily Chart: TradingView
Currently, XRP’s price is poised to test support at the $0.4400 zone. If this support level holds, XRP could reverse to start its bullish momentum. However, a breach of this crucial level could trigger further downside, potentially reigniting bearish sentiment in the market.
The crypto world eagerly awaits the unfolding of the crucial Ripple vs. SEC legal battle, which will undoubtedly play a pivotal role in shaping XRP’s future trajectory.
