XRP Whale’s Significant Withdrawal Sparks Speculation of a Sell-off

A recent legal ruling in the US declared that Ripple XRP should not be categorized as a security, effectively resolving the legal dispute with the SEC. Following this announcement, the price of XRP saw a significant boost, rising by 30% immediately. The positive news also led to a notable surge in trading activity, with XRP trading volume increasing by over 800% after the announcement.

As of the latest data, XRP is currently trading at $0.8113, showing a 1.6% surge in the past 24 hours. The cryptocurrency previously reached a peak of $0.8875 before stabilizing at its current price.

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Now, according to the latest data from Lookonchain, a whale has withdrawn 563,571 Ripple from Binance yesterday. The value of the withdrawn XRP was worth around $455k at press time.

The XRP whale has withdrawn over 2 million XRP from Binance

Data from Lookonchain reveals that the whale has withdrawn over 2 million Ripple worth $1.66 million from Binance. The whale’s current unrealized profit stands at around $640k, as reported by Lookonchain.

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However, despite the movement of the XRP whales, the price seems unaffected. The positive outcome of the lawsuit has sent the token up by over 70.9% in the last seven days.