Cryptocurrency data tracker Whale Alert shows a significant shift in XRP during the past 24 hours. For XRP, the fifth-largest cryptocurrency by market value, it appears that a new whale has emerged.
Whale Alert notes that fewer than 500 million XRP have been moved to a new wallet in a tweet. A transfer of 425,807,780 XRP worth $288,496,378 was made from an unidentified wallet to an unidentified new wallet, according to Whale Alert.
https://x.com/whale_alert/status/1723380615867687063?s=20
Although the precise cause for the transfer is still unknown, it is still possible that it was made as an OTC (over-the-counter) transaction that took place outside of a cryptocurrency exchange.
XRP is looking to make a fresh move after a big spike earlier this week that saw prices peak at $0.732 on November 6.
Bulls paused following an amazing climb, failing to break the $0.74 mark. After that, profit-taking was observed in XRP, which fell as low as $0.628 on November 9 before starting to rise again.
At the time of writing, XRP was trading at $0.667, up 0.1% over the previous day. All eyes are currently focused on XRP reaching $0.85 if there is a persistent break above $0.74. Should bears gain control, XRP may challenge the $0.62 support level once more.
Ripple CEO says SEC has lost sight of its mission
According to CNBC, Brad Garlinghouse, the CEO of Ripple, feels that the SEC has forgotten one of its main duties as a regulator.
Alleging unregistered securities offers with XRP sales, the SEC launched a lawsuit against Ripple and its officials in December 2020.
When a judge ruled in July that XRP is not a security in and of itself, Ripple won a big battle. The SEC’s request for an interlocutory appeal was then turned down. In October, the SEC subsequently withdrew its accusations against Chris Larsen and Brad Garlinghouse, two executives of Ripple.
The discovery procedure for the remedies is the next stage of the litigation. A suggested timetable that the SEC provided to the court states that it will have ninety days starting on November 9 to undertake discovery relating to remedies.
