After Judge Analisa Torres ruled that XRP is not a security in the SEC v. Ripple Labs case, Ripple investors seem to be offloading their holdings, causing XRP's struggle to maintain its gains. The market sentiment was further impacted by the judge's decision to allow the US SEC to file an interlocutory appeal regarding the XRP token sale. This development led to a notable downturn in the market and a sharp drop in the XRP price, breaking key support levels at $0.6 and $0.5.
In light of these events, a significant whale transferred 29.3 million XRP, valued at $15.13 million, to the Bitstamp exchange. The possibility of this whale offloading its XRP holdings is supported by the fact that it had earlier moved 14 million XRP to Bitso, suggesting potential selling activity. While XRP's price is recovering from the $0.5 support level, there remains a considerable risk of a significant drop if other traders and whales follow suit and decide to liquidate their holdings.
The upcoming trial between Ripple and the SEC is scheduled for around the end of April or mid-May, aligning with indications from both parties involved. Ripple Labs' CEO Brad Garlinghouse and executive chairman Chris Larsen have also noted their unavailability during the second quarter of 2024. Although XRP experienced a brief rebound in response to the judge's decision, the bullish momentum was short-lived. Over the past 24 hours, XRP's value has decreased by over 3%, with current trading hovering around $0.51. During this period, the The price oscillated between the range of $0.510 and $0.528, accompanied by a decline in trading volumes.
