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Whale alert, a cryptocurrency data tracker, indicates a large movement of XRP in the last 24 hours. A new whale appears to have been born for XRP, the fifth-largest cryptocurrency by market cap.
In a tweet, Whale Alert reports that less than 500 million XRP have been transferred to a new wallet. According to Whale Alert, 425,807,780 XRP worth $288,496,378 were transferred from an unknown wallet to a new unknown wallet.
The exact reason for the transfer is unknown, but the possibility of purchasing remains, most likely an OTC (over-the-counter) transaction that occurs outside of a crypto exchange.
XRP is looking to establish a new move following a significant surge early last week that hit highs of $0.732 on November 6.
After an impressive rise, the bulls took a breather and failed to reach the $0.74 level. After that, XRP recorded profit-taking, hitting lows of $0.628 on November 9 before starting to recover.
XRP is up 0.1% in the last 24 hours to $0.667 at the time of writing. Currently, all eyes are on a sustained break above $0.74, which would take XRP to $0.85. If the bears take advantage, XRP may retest the $0.62 level as support.
Ripple CEO says SEC has lost sight of its mission
Ripple CEO Brad Garlinghouse believes the SEC has lost sight of one of its primary responsibilities as a regulator, CNBC reports.
In December 2020, the SEC filed a lawsuit against Ripple and its executives, alleging unregistered securities offerings with sales of XRP.
Ripple achieved a significant victory in July when a judge declared that XRP is not a security in itself. The SEC’s request for an interlocutory appeal was subsequently denied. The SEC then dropped its claims against Ripple executives Brad Garlinghouse and Chris Larsen in October.
The next phase of the case is the remedy discovery process. Under a proposed timeline submitted to the court, the SEC has 90 days from Nov. 9 to conduct testing related to the remedies.
