By
Temitope Olatunji
June 14th, 2024
The renowned XRP whale has dumped 50.78 million XRP in the wake of the FIT21 bill’s passing into law.
Moments ago, the US House of Representatives passed the Financial Innovation and Technology for the 21st Century (FIT21) Crypto bill, causing jubilation within the crypto community. However, the development was especially important for the Ripple community as an XRP whale immediately released a large amount of XRP to centralized exchanges (CEXs).
For context, the relatively new crypto bill reportedly states that certain digital assets sold or transferred under an investment contract do not necessarily classify as a security for the sole reason of that. According to pro-XRP lawyer Bill Morgan, Judge Torres played a huge part in seeing that that part was included in the FIT21 bill.
While the White House is currently kicking against the newly passed law, its provision could be a total game-changer in the ongoing Ripple vs. SEC legal battle. Further fueling this speculation is the recent whale activity.
Whale Moves 50.78M Tokens as Move Sparks Curiosity
According to on-chain data from transaction tracker Whale Alert, the renowned XRP whale has dumped 50.78 million XRP in the wake of the bill’s passing into law. However, he did so over a few separate transactions to CEXs Bitstamp and Bitso.
The whale first transferred 29.14 million XRP to Luxembourg-based Bitstamp. He then transferred another 21.64 million XRP to Bitso in the second transaction.
Notably, the whale activity has raised concerns as many would have thought that the positive news for Ripple would have triggered more accumulation instead of the sell-off. However, the reason behind the decision to offload the XRP tokens remains unclear. For what it might be worth, though, Ripple had previously collaborated with both exchanges, so there might be another game plan.
XRP Price Tumbles
Over the last 24 hours, the XRP token’s price has recorded both gains and losses. However, as of press time, XRP price was exchanging hands at $0.5283, down 1.13% over the past day. According to CoinMarketCap data, the 24-hour trading volume plunged 32.63% to $1.12 billion, giving the token a bearish outlook.
Meanwhile, the price action of XRP does not exactly come as a surprise. More so, in the light of the recent whale activity mentioned earlier, that may have brought about an increase in selling pressure.
Overall, though, the RSI stands at 51, meaning that the asset still maintains a neutral stance toward the market. Simply put either bulls or bears can potentially take control of the token in the coming days. However, the odds might be in favor of the bulls giving the fresh air of optimism that the FIT21 has brought for XRP. Now, all eyes are on the Senate.