XRP Whales Engage in Big Transactions Amid Legal Battle
As the legal battle between Ripple and the SEC continues, some XRP whales are making significant transactions. On January 23, 2024, a whale address transferred over 29 million XRP tokens to CEX, a Luxembourg City-based exchange. Analysts predict a price rebound for XRP due to buying signals and anticipate a bullish run in February.
Whale Alert reported another transfer of 25 million XRP tokens worth $12 million from Bitvavo to an unknown wallet. This was followed by two more transfers totaling 269 million tokens. However, the overall market sentiment has been bearish since the SEC approved the spot Bitcoin ETF, making it challenging for market players to expect approval for a spot XRP ETF amidst the ongoing legal battle.
Hot Take: Uncertain Future for XRP Price
While XRP whales engage in large transactions, the future of its price remains uncertain. The legal tussle with the SEC and the bearish market sentiment post-Bitcoin ETF approval make it difficult to anticipate a reversal in XRP’s fortunes. While there are predictions of a rebound and potential bullish run in February, these factors create an air of uncertainty around XRP’s future performance. Traders and investors need to closely monitor developments in the legal battle and market trends before making any investment decisions.
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