XRP Maintains Position Above $50 Following Ripple’s Partnership with Alliance for Streamlined Digital Asset Recovery

XRP, one of the top 5 cryptocurrencies by global market capitalization has once more sparked speculation among the crypto community. The token’s turbulent price action in the past 24 hours has diverged from broader market trends, prompting a buzz within the crypto community. 

At press time, XRP is trading at approximately $0.51, reversing gains made earlier in the week, following Ripple’s announcement of its participation in an alliance aimed at facilitating digital asset recovery, alongside Hedera and the Algorand Foundation. 

Another significant factor impacting the price of XRP, currently testing crucial support at $0.50, is the lawsuit confronting Ripple from the Securities and Exchange Commission (SEC). This legal battle revolves around the question of whether the sales of XRP to institutional investors constitute unregistered sales of securities.

Both Ripple and the SEC have submitted their motions, counter-motions, and supporting evidence during the remedies phase. Currently, they’re just awaiting the ruling on the penalties Ripple may face for the purported violation of securities laws. 

Meanwhile, despite the volatility, a notable event occurred when a whale was seen disposing of roughly 60 million XRP onto exchanges. This activity has introduced a fresh element of speculation regarding the token’s future price movements. 

Data from Whale Alert indicates that 59.07 million XRP was transferred by a well-known XRP whale, identified as …Rxn, to a couple of Centralized Exchanges (CEXs) through two transactions within the last 24 hours.

The initial transaction involved the transfer of 29.38 million XRP, valued at $15.25 million, to Bitstamp. The second transaction showed a movement of 29.69 million XRP, valued at $15.42 million to Bitso. 

These transactions, becoming a regular occurrence in the cryptocurrency realm have gained widespread global attention. Amid speculation regarding Ripple’s potential dumping of XRP in the market, although there is no concrete proof provided yet.