In a thrilling turn of events, an XRP whale\u2019s 27 million selloff appears to be birthing a tidal wave of speculations among crypto market enthusiasts across the globe as Ripple, the company behind XRP, faces a new class action suit in California. The mentioned whale transfer, surfacing soon after the news of Ripple\u2019s new class action, garnered noteworthy attention as it contrasted with XRP\u2019s price action today.<\/p>\n
CoinMarketCap\u2019s chart showcases a substantial pump for XRP as of press time, contrasting the whale\u2019s massive transfer to a CEX and Ripple\u2019s encounter with another regulatory hurdle. The derivatives data for the Ripple-backed token further showcases an uptrend in the market when aligned with XRP\u2019s pump noted today. This curates additional inferences among crypto market traders and investors for XRP\u2019s run ahead.<\/p>\n
<\/p>\n
XRP Whale Activity Sparks Speculations<\/h2>\n
According to the data<\/a> revealed by the blockchain tracker Whale Alert, a staggering 27 million XRP, worth $14.87 million, was shifted to Bitstamp, a Luxembourg City-based CEX<\/a>. Furthermore, this transaction piqued additional interest as the wallet noted to be making this transfer, \u2026Rzn, has previously been recorded, making similar such transfers. Following Ripple\u2019s strategic stake acquisition in the above-mentioned CEX, these dumps to Bitstamp and similar dumps to Bitso emerged as a recurring phenomenon.<\/p>\n Intriguingly, this substantial dump to a CEX, increasing XRP\u2019s supply in the market, has failed to push the prices down, as seen by XRP\u2019s price pump today. This stirred a whirlpool of speculations among crypto market fanatics as Ripple, the firm backing XRP, faced a new setback in the Northern District of California<\/a>.<\/p>\n <\/p>\n A new class action suit accuses the San Francisco-based fintech company of violating federal and California securities laws by facilitating the sale of the digital asset XRP without the necessary registration.<\/p>\n <\/p>\n Also Read: Crypto Prices Today: Bitcoin Nears $56K, Ethereum At 3,200 As PEPE Rallies 52%<\/a><\/strong><\/p>\n As of writing, the XRP price<\/a> noted a 2.78% pump over the past 24 hours and is currently trading at $0.555. Notably, the token\u2019s trading volume surged 97.19%, reaching $1.42 billion, whereas the market cap rose 2.75%, reaching $30.31 billion. This, when aligned with the 5.34% surge in open interest and the 186.87% pump in volume, per Coinglass<\/a>\u2018 data, signals an uptrend in the market. However, today\u2019s price action contrasts with the whale\u2019s dump and Ripple\u2019s class action encountered.<\/p>\n <\/p>\n With the token\u2019s positioning among the top 6 cryptocurrencies by global market cap, per CoinMarketCap\u2019s data, investors and traders comprehend the worth and hype orbiting XRP. However, a substantial pump that bolsters this sentiment is much awaited by crypto market enthusiasts across the globe.<\/p>\nXRP Price Springs<\/h2>\n
![\"\"](\"https:\/\/secure.gravatar.com\/avatar\/452042cc86ff4d4cff7e64f282bd5358?s=200&d=mm&r=g\")