- A large XRP holder offloads 50 million tokens to cryptocurrency exchanges.
- The move comes amid positive developments for Ripple thanks to the FIT21 bill.
- XRP prices dip, but the sentiment remains cautiously optimistic due to FIT21.
The XRP community is grappling with mixed signals after a major whale movement and the passing of the FIT21 bill in the US. While the regulatory clarity brought by FIT21 is seen as a win for Ripple, recent whale activity has cast a shadow of uncertainty.
Whale Offloads XRP to Exchanges
On-chain transaction tracker Whale Alert reported a significant movement of coins by a known whale. The whale transferred a total of 50.78 million XRP in two separate transactions to cryptocurrency exchanges Bitstamp and Bitso. This move comes shortly after Ripple announced partnerships with both these exchanges, sparking speculation about the whale’s intentions.
FIT21 Offers Hope Despite Price Dip
The news of the whale activity coincided with a period of positive developments for Ripple. The U.S. House of Representatives recently passed the Financial Innovation and Technology for the 21st Century Act (FIT21). Legal experts believe provisions within FIT21, influenced by Judge Torres overseeing the Ripple vs. SEC lawsuit, could classify a coin differently than a security. This has the potential to significantly impact the ongoing legal battle.
Despite the generally positive outlook due to FIT21, the XRP token’s price experienced a slight dip. At the time of writing, XRP is trading at $0.528, reflecting a 0.96% decrease over the past 24 hours. The trading volume also saw a significant drop of 37.07%, potentially indicating selling pressure from the whale’s activity.
Neutral Market Stance with Bullish Potential
While the price action suggests a bearish sentiment, the Relative Strength Index (RSI) for XRP sits at 51, signifying a neutral market position. This indicates that the future direction of the coin could be influenced by either bulls or bears. However, the long-term optimism surrounding the potential impact of FIT21 on the Ripple lawsuit seems to be holding strong within the coin community.
