XRP whales took the broader crypto market by storm on Thursday, moving millions of coins amid rising speculations of a cross-appeal by Ripple against the SEC. Recent on-chain data pointed out that nearly 73 million coins shuffled in the past 24 hours, sparking discussions among market participants. Meanwhile, attorney MetaLawMan took to X recently, further indicating why a cross-appeal by the blockchain payments firm in the XRP lawsuit looms over the horizon.
XRP Whales Transfer 73M Coins, Ripple To File Cross-Appeal Ahead?
As per data provided by the blockchain tracker Whale Alert on October 10, 73.16 million coins was recorded to be transferred by XRP whales over the past day. The renowned address ending ..Rzn dumped 21.16 million coins, worth $11.05 million, to the exchange Bitso. Subsequently, a staggering 52 million XRP, worth $27.37 million, was bagged from the top crypto exchange Bybit by the address 0xf7788124.
This massive accumulation, in light of rising speculations of a cross-appeal by Ripple, has sparked investor curiosity globally. MetaLawMan’s recent X post rationalizes why XRP sales to institutions were non-investment contracts. The attorney draws parallels between ‘wholesalers,’ pointing out that the token’s sales to institutions at prices lower than retail exchanges are validated as these are not ‘investments’ related to the American blockchain payments company. He further claims that the institutions just bought the crypto at a discounted price whilst there are other choices in the market that offer direct investment opportunities in the firm.
These statements have echoed a global frenzy, hinting that chances of the American blockchain payments company’s cross-appeal filing are up substantially. Further, it’s also worth noting that the odds of XRP ETF have gained weight recently, adding to investor enthusiasm for the asset alongside the massive XRP whale accumulation. CoinGape Media reported that Canary Capital filed for an XRP ETF with the SEC recently despite regulatory hurdles.
Coin’s Price Faces Turbulence
Meanwhile, the blockchain payments firm’s native coin encountered significant volatility in tandem with the broader market trend today. XRP price traded at $0.5266, down nearly 1% in the past 24 hours. The coin’s intraday low and high were $0.5219 and $0.5333, respectively. Notably, the crypto encounters volatility following the SEC’s recent filing of a notice of appeal, which targets Judge Analisa Torres’s ruling ordering the American payments firm to pay the regulator $125 million in fines. Further, the appeal also gauges in on the ruling on securities sales to institutions.
Nevertheless, as Ripple readies for a cross-appeal, market watchers await a shift in market sentiment for the native coin. Besides, Coinglass data indicated that XRP futures OI slipped 0.07% to $685.29 million today. Further, even the derivatives volume plunged nearly 8% to $704.12 million. This data added to investor concerns despite the massive XRP whale accumulation and recent lawsuit developments. Crypto market enthusiasts continue to monitor the crypto for further price action shifts.
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