As XRP struggles to maintain upward momentum following Judge Torres’ summary judgment in the US SEC v. Ripple Labs case that XRP $0.51 isn’t a security, investors appear to be selling off their holdings. Adding to this, a significant whale has moved 29 million XRP, valued at over $15 million, to a crypto exchange amid a price decline approaching the support level.
Whale Alert posted on Aug. 24, that a large holder transferred 29,300,000 XRP worth $15.13 million to Bitstamp exchange. Additional information suggests the possibility that this whale might be selling its XRP assets, as it had previously moved 14 million XRP to Bitso just a few hours earlier.
The decision by Judge Torres to permit the U.S. Securities and Exchange Commission (SEC) to submit an interlocutory appeal regarding XRP token sales had a significant impact, triggering a notable market downturn. This led to a sharp decline in the XRP price, breaching crucial support levels of $0.6 and $0.5.