- At press time, Ripple (XRP) was trading at $0.5149, down 1.64% in the past 24 hours.
- XRP trading volume has fallen 4.56% today amid growing uncertainty about the token’s outlook.
- The court has permitted the U.S. SEC to appeal the Ripple (XRP) case.
Investors appear to be reducing their exposure as Ripple (XRP) struggles to regain momentum following Judge Torres’ summary finding that XRP is not a security in the U.S. SEC v. Ripple Labs case. After a recent price drop, a large transfer of over 29 million XRP—valued at more than $15 million—was moved to the Bitstamp exchange, raising concerns that selling pressure may increase.
According to a Whale Alert report on August 24, a wallet moved 29,300,000 XRP, worth approximately $15.13 million, to Bitstamp.
🚨 29,300,000 #XRP (15,130,884 USD) transferred from unknown wallet to #Bitstamphttps://t.co/DhcHkKNdzc
— Whale Alert (@whale_alert) August 24, 2023
Further on-chain data indicates the same wallet recently transferred another 14 million XRP to Bitso, increasing the likelihood that these movements are preparatory steps for selling rather than internal transfers between long-term holdings.
Despite the positive significance of the district court’s finding that XRP is not a security, the token’s near-term outlook is clouded after the judge allowed the SEC to file an interlocutory appeal challenging aspects of the ruling related to XRP sales. Following the announcement, XRP’s price declined sharply, breaking through key support levels near $0.60 and $0.50. Some market observers and legal experts argue that an appeal may not ultimately harm Ripple, but uncertainty has nonetheless contributed to volatility.
Ripple (XRP) price chart
Although XRP has recovered slightly from the $0.50 support zone, a renewed sell-off remains a real risk if traders or large holders move to liquidate positions in response to the SEC’s appeal.
According to filings and court communications, the SEC’s interlocutory appeal is expected to proceed with briefing and scheduling through the coming months, with the appeal process likely extending into 2024. Court notices and statements from Ripple executives, including CEO Brad Garlinghouse and Executive Chairman Chris Larsen, suggested they would not be available for trial until the second quarter of 2024, aligning with projected timelines for appellate activity and potential further proceedings in the case.