Ripple’s native crypto, XRP is sliding on a downtrend despite positive momentum in the crypto market. The cumulative digital asset market capitalisation is nearing the $2 trillion mark but XRP seems to losing grip here. XRP price action suggests that Ripple’s crypto is down due to legal complications it’s facing from the US Securities and Exchange Commission (SEC).
XRP to bleed more?
According to the data provided by WhaleAlert, crypto whales had moved more than 200 million XRP tokens (approx worth $100 million) in multiple transactions over the last 24 hours. The biggest transaction recorded by the tracker has been moving 100 million XRP (approx worth $52.5 million) from the Unknown wallet to the Ripple linked wallet.
Data shows that an address linked to Ripple transferred 80 million XRP (approx worth $42 million) to an unknown wallet.
However, a crypto whale moved 27.3 million XRP tokens (Approx worth $14.4 million) to the crypto exchange Bitstamp in a single transaction. This suggests that the whale made a smart move to dodge the further price drop.
XRP is on constant drop printing red indexes on all the matric expect 7 days chart, XRP price gained by around 3% in the last 7 days. However, its price dropped by more than 3% in the last 24 hours. It is trading at an average price of $0.51, at the press time. Ripple’s native crypto’s 24 hour trading volume recorded a surge of 8% to stand at $765 million. The crypto holds the sixth position on CoinMarketCap with a live market cap of $28.12 billion.
A silver lining for Ripple?
However, despite increased trading activity, XRP’s price has experienced fluctuations. Recent data indicates that XRP was among the top liquidated assets in the crypto market. Over the last four hours, around $190,000 worth of XRP positions were liquidated, with 99.4% of these liquidations representing long positions.
Ripple’s Chief Legal Officer, Stuart Alderoty, has been vocal about his criticism of SEC Chair Gary Gensler’s leadership. Alderoty recently highlighted speculation about a potential exodus within the commission.
He questioned whether lawyers from the SEC’s crypto asset and cyber unit would be willing to blow the whistle on Gensler’s “controversial leadership.”
Alderoty seemed to be triggered by the possibility of them sharing details with the SEC’s Office of Inspector General or the House Committee on Oversight and Accountability. He hinted at a possible strategy to encourage whistleblowing against Gensler.
