XRP Faces Setbacks Amid Increased Whale Activity and SEC Appeal
XRP, the cryptocurrency associated with Ripple, has seen a notable increase in whale transactions, as highlighted by Santiment.
The token is also gaining traction on social media and has experienced a surge in transaction volume, reaching $2.39 billion—the highest in eight months.
This uptick follows Bitwise’s recent application to introduce an XRP -based exchange-traded fund (ETF) in the United States.
While experts doubt the quick approval of such a product, the filing is seen as a boost to XRP’s legitimacy. Despite this, the excitement didn’t translate into price gains, with XRP declining on the day of the announcement.
READ MORE:
Justin Sun’s Team Liquidates EIGEN Tokens Following Airdrop TransferAdding to the token’s woes, XRP suffered a setback when the SEC announced an appeal in the ongoing Ripple case, resulting in significant losses.
Currently, XRP trades at $0.51, reflecting a 15% drop in the last 24 hours and a market cap of $28.9 billion. Following the SEC news, options traders have turned increasingly bearish, and Ripple’s continued legal battles with the SEC are likely to weigh heavily on XRP’s performance.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Cryptocurrency Whale, Which Sold 100 Million Dollars in the Last 15 Days, Makes Its New Move
According to Onchain data, an ancient cryptocurrency whale that sold huge amounts has made a new move.
Vitalik Buterin Dumps Neiro, MOODENG, and USDT in Exchange for Ether
Bitcoin Mining Could Help Stabilize Energy Grids, According to Hive
TON Might Dip 17% in the Coming Weeks: Key Insights to Watch Inside