XRP Whale Dumps 31 Million Coins Worth $15.8 Million on Crypto Exchange Bitso

A massive transfer of 31.1 million XRP tokens, worth approximately $15.8 million, was detected moving from an unidentified wallet to the crypto exchange Bitso.

A substantial transaction involving 31.1 million XRP tokens, valued at around $15.8 million, was detected being transferred from an unidentified wallet to the crypto exchange Bitso, according to data from on-chain tracking service Whale Alert.

The large XRP Transfer Raises Eyebrows

This noteworthy transfer occurred amidst heightened market activity and speculation regarding Ripple’s future. Generally, when such a vast amount of XRP enters an exchange wallet, it may indicate an upcoming sale, which could potentially exert downward pressure on XRP’s price.

The transaction also comes as a U.S. judge recently ordered Ripple Labs, its CEO Brad Garlinghouse, and other parties to consider a possible “alternative resolution” before the case advances further. This order follows Ripple’s request for a final judgment on class-action claims of securities law violations.

In related news, crypto analyst Egrag Crypto took to social platform X to share his analysis, suggesting that XRP might be preparing for a rally. He highlighted a symmetrical triangle pattern on XRP’s price chart, a common formation indicating impending volatility as the asset price converges.

According to Egrag Crypto, the breakout target for XRP is $0.5930, significantly higher than the token’s current trading price of around $0.5183. If XRP breaches this level, it could encounter resistance at $1.5000, with potential to climb further to $7.5000, as per his analysis. This would entail an impressive increase of 1,347% from current levels.

Meanwhile, Grayscale received acknowledgment from the U.S. SEC

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