Large holders of XRP, known as ‘whales‘, have transferred substantial amounts of the cryptocurrency following recent updates in the SEC's lawsuit against Ripple. The SEC has chosen to appeal the court's ruling in the case, sparking on-chain activity that has negatively affected XRP‘s market price.

SEC Appeals Ripple Ruling

Blockchain tracker Whale Alert identified three significant XRP whale transactions in the past 24 hours, totalling over 153 million coins. Two of these transfers were sent to cryptocurrency exchanges, while the third occurred between unknown wallets.

Due to the SEC's appeal and these whale movements, XRP's price has dropped by about 1% in the last 24 hours. The coin is currently trading at $0.5267, with a daily low of $0.5101 and a high of $0.5386. Additionally, trading volume has decreased by 33%, falling to $1.96 billion.

Effect of Whale Activity on the Market

Interest in XRP futures has also waned. Data from Coinglass indicates that open interest in XRP futures has declined by 7%, dropping to $679.21 million, while derivatives volume has plummeted by 42%. Attorney Bill Morgan, a supporter of XRP, highlighted that the SEC's appeal is a significant blow for the community, especially as a potential new bull market is emerging.

Morgan further noted that Ripple might file a counter-appeal and pointed out that the SEC has yet to file Form C with the Second Circuit, which would clarify the specific grounds of its appeal.

Market analysts suggest that the SEC‘s decision to appeal has introduced uncertainty around XRP‘s future, advising traders to stay vigilant and adjust their strategies accordingly in light of these market shifts.