$XRP facing uncertainty : Whales and the Ripple-SEC trial weigh on the market

XRP has experienced a decline of nearly 2 % in just 24 hours. Indeed, it is the strategic movements of whales that are shaking the market. Their influence on prices is not insignificant and can tip forecasts in an instant. Yesterday, Friday, October 18, 2024, the massive sales of several million tokens by these key players reminded us how fragile the market dynamic can be.

Whales on the offensive in XRP

The massive movements of XRP tokens observed in recent days have put considerable pressure on the market, with a drop in the crypto’s price. According to the latest data, several large-scale transactions were made by “Ripple whales.” For example, one of these whales transferred no less than 20 million tokens to the Kraken platform, a transaction valued at approximately $10.98 million. Another major transaction saw 28.3 million tokens, or nearly $15.39 million, sent to the Bitso exchange. The massive sales, occurring in such a short period of time, have created a shockwave among investors, raising concerns about future massive sales that could further weaken XRP’s price.

This increased selling pressure comes in an already tense context for Ripple, as the ongoing legal case between the company and the United States Securities and Exchange Commission (SEC) continues to drag on. The uncertainty surrounding the outcome of this litigation makes market forecasts for XRP even more challenging. Some investors believe that this situation could delay the token’s recovery, even under more favorable market conditions. Thus, the current situation mixes both technical movements linked to these massive sales and legal uncertainty that plunges XRP into a phase of prolonged volatility.