Ripple’s XRP has been witnessing a stagnant price action since yesterday after losing the gains made last week. In addition, the XRP community is taken aback due to massive selloffs and whale shifts. Moreover, now <a href="https://coingape.com/ripple-brad-garlinghouse-sees-gary-gensler-crypto-stance-as-insanity/" target="_blank" rel="noopener noreferrer nofollow">Ripple</a> has transferred a whopping 80 million XRP tokens, which could trigger another massive selloff amid extreme volatility.
<h2 id="inside-ripple-s-latest-xrp-transaction">Inside Ripple’s Latest XRP Transaction</h2>
In a post on X, <a rel="noopener noreferrer nofollow" href="https://whale-alert.io/transaction/ripple/4CAC161BF57717ECBEA0C8167CD44F94434EBF347F5E2CAE7318DF0B0B220A2F" target="_blank">Whale Alert</a>, a blockchain tracking avenue, revealed that a staggering 80 million XRP tokens were shifted by Ripple to an undisclosed wallet. The transaction was worth $46.18 million. This transfer sent shockwaves through the community as an enormous selloff is anticipated, which could push the XRP price lower.
According to <a rel="noopener noreferrer nofollow" href="https://bithomp.com/explorer/rBg2FuZT91C52Nny68houguJ4vt5x1o91m" target="_blank">Bithomp</a>, an XRP ledger explorer, Ripple currently holds 46.34 million XRP, which is worth $26.44 million. This indicates that Ripple has offloaded nearly two-thirds of its XRP share lately, igniting market speculations.
Bill Morgan, a lawyer, shed light on this transaction’s legal implications. While he acknowledged that “there is nothing that prevents Ripple from selling its XRP,” he pointed out the U.S. Securities and Exchange Commission’s (SEC) involvement in the same.
The lawyer determined that programmatically selling XRP by Ripple does not fall under investment contracts, potentially providing liberty to the company. However, the overarching concern remains whether Ripple must register such sales with the SEC.
Furthermore, a major whale transaction was also reported by Whale Alert. The transfer registered a shift of 25.7 million XRP worth $14.83 million to <a href="https://coingape.com/xrp-whale-makes-waves-with-15-mln-bitstamp-dump-price-sinks-below-0-58/?utm_source=sidebartabnews" target="_blank" rel="noopener noreferrer nofollow">Bitstamp</a> via an unidentified wallet. This transaction again suggests a notable selloff move.
Also Read: <a href="https://coingape.com/xrp-lawyer-john-deaton-to-attend-coinbase-sec-face-off/" target="_blank" rel="noopener noreferrer nofollow">XRP Lawyer John Deaton To Attend Coinbase &amp; SEC’s Face-Off</a>
<h2 id="xrp-price-action">XRP Price Action</h2>
Ripple’s native crypto registered a significant surge last week after it attained a high of $0.6223. However, it has currently fallen below $0.58 and is maintaining that level without dropping much. The <a href="https://coingape.com/price/xrp/" target="_blank" rel="noopener noreferrer nofollow">XRP price</a> was $0.5717, down by 0.31% at press time on Wednesday, January 17.
In addition, the 24-hour trade volume slumped by 7.52% to $876.90 million. Whilst, the crypto’s market capitalization was recorded to be $31.02 billion, indicating a dip of 0.28%. However, due to its initial gains last week, the 1-week returns amount to nearly 2%.
Also Read: <a href="https://coingape.com/xrp-stirs-buzz-with-254-8m-transfer-suspected-bitvavo-wallet-link/" target="_blank" rel="noopener noreferrer nofollow">XRP Stirs Buzz with $254.8M Transfer, Suspected Bitvavo Wallet Link</a>
The post <a href="https://coingape.com/ripple-moves-80-mln-xrp-sparking-speculations-whats-next/" rel="noopener noreferrer nofollow">Ripple Moves 80 Mln XRP Sparking Speculations, What’s Next?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Ripple Moves 80 Mln XRP Sparking Speculations, What’s Next?

Table of Contents

Coingape News Media

Other articles published on Jan 17, 2024

Why Bitcoin ETF Launches Are Good News for Altcoins

Crypto Analysts Forecasts Major Bull Run for Litecoin, Solana, and NuggetRush in 2024

Microsoft inks partnership with Vodafone for AI integration

The Rise and Impact of Large Language Models in AI

XRP’s Promising Path: Analyst’s Bullish Forecast for Ripple’s Coin

Is Bitcoin Bull Run Over? PlanB’s Bold BTC Price Prediction

Join our free newsletter for daily crypto updates!