The cryptocurrency market is buzzing with speculation as significant XRP transactions by prominent whale addresses stir investor sentiment. Recently, the renowned whale wallet rzn…nxL transferred 30.38 million XRP coins, valued at $15.99 million, to the exchange Bitso. In another simultaneous move, the same wallet shifted 19.22 million XRP, worth $10.12 million, to Bitstamp. These massive transfers are raising eyebrows among market participants. Adding fuel to the fire, wallet r9s…nxL transferred an astounding 104.38 million XRP, valued at $54.66 million, to an unknown wallet, sparking further intrigue.
These movements come at a time of heightened tension in the XRP community, as the U.S. Securities and Exchange Commission (SEC) filed a notice of appeal against Judge Torres’ ruling in the Ripple case. This legal battle continues to cast a long shadow over the future of XRP.
SEC Appeal Rattles The XRP Community
The SEC’s appeal comes after Judge Torres issued a final judgment on August 7, 2024, in favor of Ripple, which the regulator is now challenging. The notice states that the SEC “respectfully appeals to the United States Court of Appeals for the Second Circuit from the final judgment entered by this Court.” This legal development has rattled investors and XRP advocates alike.
Pro-XRP attorney Bill Morgan took to social media platform X (formerly Twitter), expressing concern over the SEC’s timing, suggesting the appeal could pose a significant obstacle for XRP’s price growth. “The SEC sued Ripple just as the last bull run was taking off and now, they’re filing an appeal right when we’re on the brink of another one,” Morgan remarked. His comments have resonated within the XRP community, which has been anticipating a bullish rally following Ripple’s courtroom victories earlier this year.
XRP Takes a Hit as Market Sentiment Turns Bearish
The ripple effect of these whale moves and the SEC appeal has been immediate. At the time of writing, XRP has dropped nearly 1%, trading at $0.5267. Its intraday low reached $0.5101, while the high hovered at $0.5386, reflecting a market struggling to find direction amidst growing uncertainty. Adding to the bearish tone, XRP’s 24-hour trading volume dipped by 33%, now standing at $1.96 billion.
Further evidence of the market’s unease can be found in XRP futures data. According to Coinglass, open interest (OI) in XRP futures dropped 7% to $679.21 million, while derivatives volume plummeted 42% to $2.53 billion. These metrics indicate waning investor interest in XRP as legal uncertainties cloud its future.
Ripple’s Next Move – Cross-Appeal Likely?
Despite the gloomy sentiment, attorney Bill Morgan hinted that Ripple might file a cross-appeal, which could provide more clarity on the legal front. However, the SEC has yet to file Form C with the Second Circuit, a critical document that would reveal the specific grounds of the regulator’s appeal. Until then, market participants remain in a state of limbo, unsure of what lies ahead for XRP.
Also Read: Ripple vs. SEC – XRP Price Dips 10% Amid Ongoing Legal Battle; Court Ruling Expected By April 2026
The combination of whale sell-offs and the ongoing legal drama has undoubtedly created a tense environment for XRP. Investors are watching closely, as the resolution of the SEC appeal could be the deciding factor in whether XRP regains its bullish momentum or continues to face downward pressure.
As XRP faces significant whale movements and legal challenges, its future remains uncertain. While some investors fear further declines, others hold out hope for Ripple’s potential cross-appeal, which could shift the narrative. For now, the market waits, eyes firmly fixed on both the courtroom and the wallets of XRP whales.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
About The Author
