Ripple Whale Transfers 50M XRP Following the Approval of FIT21 Bill

The FIT21 bill, which has some potentially groundbreaking provisions, could have an impact on the ongoing Ripple v. SEC lawsuit.
Despite positive news for Ripple, recent whale activity is causing concern.
The US House of Representatives recently passed the Financial Innovation and Technology for the 21st Century (FIT21) Crypto Bill, much to the delight of the cryptocurrency community. This development was particularly significant for the Ripple community, as it coincided with a large XRP whale releasing a substantial amount of XRP to centralized exchanges (CEXs).
The approval of FIT21 by the US House is quite astonishing, considering that a bill that is “pro-crypto” managed to make it to the house floor and be passed.
Congratulations to the pro-crypto “army” for achieving the seemingly impossible and bringing change to Washington!
pic.twitter.com/hFtoTWRDoo
— Coin Bureau (@coinbureau)
May 23, 2024
Overview of the FIT21 Bill
According to the newly enacted FIT21 legislation, certain digital assets that are transferred or sold under an investment contract may not always be classified as securities. Bill Morgan, a pro-XRP attorney, emphasized the crucial role played by Judge Torres in ensuring that this section was included in the bill, as it could have significant implications for the cryptocurrency sector.
Despite the initial enthusiasm, the White House is now opposed to the proposed legislation. The provisions of the bill could potentially influence the outcome of the ongoing legal dispute between Ripple and the SEC. The recent whale activity, which has attracted a great deal of attention within the community, further fuels speculation in this regard.
50.78 Million Coins in Motion
According to on-chain data from transaction tracker Whale Alert, a well-known XRP whale disposed of 50.78 million XRP after the bill was signed into law. These tokens were transferred in multiple separate transactions to Bitso and Bitstamp on CEXs.
Initially, the whale sent 29.14 million XRP to Bitstamp, which is located in Luxembourg. The subsequent transfer of an additional 21.64 million XRP to Bitso raised eyebrows and sparked concern among market observers.
29,140,000
#XRP
(15,413,660 USD) transferred from unknown wallet to
#Bitstamp
https://t.co/Sx1WIA8OPz
— Whale Alert (@whale_alert)
May 22, 2024
Given that many people expected the positive news for Ripple to result in increased accumulation rather than a sell-off, the behavior of the whale has raised worries. The reasons behind the whale’s decision to dump the XRP tokens remain unknown. However, Ripple’s past partnerships with both exchanges suggest that this action may have been deliberate.
Movement of XRP Price
The price of XRP has experienced fluctuations over the past twenty-four hours. At the time of writing, XRP was trading at $0.5285, a decrease of 0.62% compared to the previous day. The token’s prospects appear bleak, as evidenced by a 32.63% drop in 24-hour trading volume to $1.12 billion, according to data from CoinMarketCap.
The current price of XRP, influenced by recent whale activity, suggests a greater selling pressure. With the Relative Strength Index (RSI) at 51, the market is currently in a neutral state.
This implies that either bullish or bearish forces could dominate the token in the coming days. The bulls may benefit from the excitement generated by the FIT21 bill. All eyes are now on the Senate for any further developments.
On the other hand, CNF previously featured Stuart Alderoty, Ripple’s Chief Legal Officer, who strongly criticized SEC Chairman Gensler and pointed out significant flaws in his regulatory approach.
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