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XRP whale transfers 29M tokens to Bitstamp during price decline

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Following the recent court decision that XRP is not a security, investors are selling off their holdings, resulting in a downward trend for the cryptocurrency. In addition, a significant whale has transferred 29 million XRP, valued at over $15 million, to a crypto exchange, potentially indicating a selling-off of their assets. The judge’s decision to allow the SEC to submit an interlocutory appeal regarding XRP token sales has caused a market downturn and a breach of crucial support levels for XRP’s price.

The price of XRP is currently recovering from the support level at $0.5, but there is a risk of a significant drop if traders and whales continue to liquidate their holdings. The trial between Ripple and the SEC is expected to take place around the end of April or mid-May, according to court notifications. This timing coincides with the unavailability of key figures from both parties in the second quarter of 2024. The rebound in XRP’s price after the court announcement was not sustained, indicating ongoing uncertainty in the market.

Within the past 24 hours, the value of XRP has declined by over 3% and is currently trading at $0.51. The trading volume has also decreased during this period. Overall, the XRP market is facing challenges as investors react to the court decision and uncertainty surrounding the upcoming trial between Ripple and the SEC.

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