Back in July when Judge Analisa Torres first declared XRP programmatic sales do not qualify as securities, the token price had rallied. However, now that the euphoria from the ruling has worn off and the United States Securities and Exchange Commission (SEC) has begun to fight back, the coin’s price is correcting back downward, prompting massive sell-offs of the token.
Whale Moves 29.3 Million XRP To Exchange
On-chain whale tracker has flagged an XRP transaction that could spell bearish pressure for the price of the cryptocurrency. According to the post made on X (formerly Twitter), a single whale moved a total of 29.3 million tokens to a centralized exchange. The total stash of tokens which were worth a little over $15.13 million at the time were transferred to the Bitstamp exchange.
29,300,000 #XRP (15,130,884 USD) transferred from unknown wallet to #Bitstamphttps://t.co/DhcHkKNdzc
— Whale Alert (@whale_alert) August 24, 2023
While large transactions like these are not new on th
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