In the wake of the U.S. House of Representatives voting on the Financial Innovation and Technology for the 21st Century Act (FIT21), an XRP whale has offloaded massive amounts of tokens to CEXs, nabbing attention globally. Transacting amid the United States clearance of the first-ever major crypto bill, this whale has sent tongues wagging across the broader crypto market.

Meanwhile, pro-XRP lawyer Bill Morgan has pointed out that per Judge Torres’ influence on FIT21, the crypto bill states that certain digital assets sold under an investment contract do not necessarily classify the asset as a security solely because it’s being sold or transferred within that investment contract. This development potentially comes as a game-changer for the Ripple vs SEC lawsuit, while the whale activity amid this has further echoed a speculative buzz across the crypto horizon.

XRP Whale Shifts 50.78M XRP Sparking Inferences

Notably, according to the data revealed by the on-chain transaction tracker Whale Alert, a renowned XRP whale was recorded dumping 50.78 million XRP in a couple of transactions to CEXs Bitstamp and Bitso again.

The first transaction illustrated 29.14 million XRP transferred to Bitstamp, a Luxembourg City-based CEX. Whereas, the second transaction illustrated 21.64 million XRP was shifted to Bitso, a Mexico City-based CEX. Both transactions were done using the same wallet address, ..Rzn.

Interestingly, the whale’s unexpected decision to offload XRP, in stark contrast to the positive news for Ripple, has added a layer of intrigue to these transactions. It’s worth noting that the whale in question initiated such transactions promptly after Ripple collaborated with these exchanges, sparking further speculation.

Also Read: Ethereum Co-founder Cashing Out This ETH Price Rally, What’s Next?

XRP Price Tumbles

As of writing, the XRP token’s price illustrated a 24-hour trading session in both red and green territories. The token’s price rested at $0.528, with a 0.96% dip over the past day. Further, the 24-hour trading volume plunged 37.07% to $1.12 billion, adding a bearish tint to the token.

This slipping price action potentially coincides with the increased selling pressure the token encountered with the abovementioned selloff. Further, the Futures and Options OI dipped 1.18% to $620.54 million, followed by a derivatives volume decrease of 40.73% to
$866.15 million, adding to bearish sentiments among investors.

However, the RSI stood at 51, signaling that the asset is taking a neutral market stance. This potentially allows bulls or bears to take control of the token in the future, although FIT21-birthed optimism for XRP prevails.

Also Read: Shiba Inu Magazine Unveils 25th Edition, SHIB & K9 To Seize Global Limelight

The post XRP Whale Moves 50M Coins Amid FIT21’s Relief To Ripple Community appeared first on CoinGape.

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