Large XRP Whale Movements Spark Concern amid SEC Appeal

XRP’s price dropped over 20% earlier in the week.

Increased whale activity with recent transfers of over 100 million XRP has triggered concerns among investors.

Technical analysis shows XRP remains in an ascending triangle pattern suggesting potential price increases if it breaks resistance levels.

The decision by the Security and Exchange Commission to appeal against the court ruling that determined XRP sales to retail investors on exchanges as not security has impacted the price of XRP . This could be the reason behind some whale movement on the XRP holdings. Onchain analytics firm Whale Alert has discovered several whale wallets that have transferred their XRP holdings from one wallet to another within the past 24 hours, which has led to uncertainty among some users.

Popular wallet address “Rzn” has 30,380,000 XRP from an unknown wallet to Bitso, which is around $15.99 million. This same wallet also moved XRP, which is worth around $10.12 million, to Bitstamp. Before that, a whale 104,384,848 XRP from an unknown wallet to a new unknown wallet. These transfers within the past day have raised concern among XRP users, as some are worried the transfer could be that investors are dumping the token as a result of the appeal filed by the SEC.

However, while whale movements don’t always result in immediate drastic price changes, as they could be preparing for other activities like staking, trading, or simply shifting their assets, the timing at which these whale movements were made is raising speculations about possible sell-offs.

XRP lawyer Bill Morgan concern for the XRP community, saying they are unlucky. SEC’s lawsuit against Ripple was filed just as the last cryptocurrency bull run began. He noted that now that the community is preparing for a new bull run, the financial watchdog has filed an appeal against a court ruling favorable to XRP, which could once again cause uncertainty and price drops, further hindering the community’s ability to benefit from potential market gains.

The price of XRP dipped by more than 20% between Monday and Thursday. The trading volume has depreciated by over 50% in the last 24 hours, which shows the negative sentiment around the coin. Despite the bearish sentiment around the coin, some XRP analysts remain hopeful.

Analysts Remain Optimistic despite Recent Price Dip

A crypto analyst on X with over 15,000 followers, Crypto Mike, that the XRP price is not yet showing any sign of a bearish signal, as the token price is still inside a multi-month-long ascending triangle.

In a chart posted by “Crypto Mike”, the XRP price has been in an ascending triangle for several months, and this pattern has been characterized by a series of higher lows and a relatively flat resistance level around $0.60-$0.63. Thus, if the price breaks the resistance at around $0.63, it could lead to the price of XRP spiking.

The SEC has not yet filed Form C with the Second Circuit, which would provide more details as to what they are really appealing. There are also rumors that Ripple will file a cross-appeal. Thus, it’s too early to predict the future of XRP price. However, one could forecast that the appeal might affect its price in the short term.