Whales Abruptly Move $282,500,000 in XRP and Polygon (MATIC) in Series of Massive Crypto Transfers

Crypto whales are out in force as a new week arrives, moving a staggering $282.5 million in XRP and Polygon (MATIC). The crypto address tracker Whale Alert spotted a series of mounting transactions in the last 36 hours. Whales have moved XRP both to and from crypto exchanges Bitstamp and Bitso.

Timeline of Polygon, Xrp

Ripple's price action has been far from convincing lately, as the cryptocurrency has been rejected from a key resistance level against the USD. XRP is also in a downtrend on the BTC paired chart, making things worse.

The ongoing correction in XRP coin price is following a famous bullish pattern called the ‘flag pattern'. This continuation pattern encourages a temporary retracement phase to replenish the bullish momentum as it eventually leads to a sustained recovery upon the breakout out of its resistance trendline.

XRP News: The long running legal battle between the US SEC and Ripple Labs has come to a halt season as both parties are waiting for the Judge to produce a much anticipated Summary Judgment. Amicus Curiae in the XRP lawsuit predicted a close call for Judge Netburn to take regarding the present evidence.

XRP Lawsuit News: The Securities and Exchange Commission (SEC) launched lawsuit against Ripple Labs Inc. and two of its executives is expected to bring regulatory clarity to the digital asset market. However, there might be a further delay in the much awaited Summary Judgment of the XRP lawsuit.

Crypto attorney John E. Deaton has predicted that the U.S. Securities and Exchange Commission (SEC) will only succeed in establishing that the blockchain payments firm Ripple sold XRP as a security from 2013 to 2017 in the ongoing legal battle between the two parties.

Polygon (MATIC) has seen an impressive increase of over 8% in its price over the past 24 hours. However, this increase is a drop in the bucket compared to what the token lost in 2022.

Ripple (XRP) is a cryptocurrency that facilitates fast and cheap cross-border money transfers. It is the native token of the Ripple network, a decentralized payment protocol that connects banks, payment providers, and digital asset exchanges.

Ripple's native token XRP has felt the heat of the crypto market's recent upward push as the token surged over 10% in 24 hours. However, the price trend of XRP remains bearish amid intense volatility as buyers need more strength to escape the current consolidation range to mark a bullish trend continuation.

A journalist is arguing to have critical documents released in the contentious legal dispute between Ripple Labs and the U.S. Securities and Exchange Commission (SEC). Forbes senior contributor Roslyn Layton, represented by her attorney J. Carl Cecere, filed a motion with District Judge Analisa Torres to release the Hinman files to the public.

XRP News: Ripple's native crypto, XRP price is on a downtrend due to increased volatility in the crypto market. However, XRP price usually shows some movement in reaction to updates coming out from the U.S. SEC Vs Ripple lawsuit.