Major XRP Whale Move 50.78 Million Token Amid Major US Crypto Bill News

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The U.S. House of Representatives is advancing crypto regulation with the Financial Innovation and Technology for the 21st Century Act (FIT21). Amid this, a major XRP holder, known as a whale, has moved 50.78 million tokens to centralized exchanges (CEXs). This move has sparked curiosity and speculation in the crypto community.

FIT21 Crypto Bill – Ray of Hope

The Financial Innovation and Technology for the 21st Century Act (H.R. 4763), passed by the US House, aims to clarify digital asset regulations. This bipartisan bill seeks to define the roles of the SEC and CFTC in overseeing digital assets. It also aims to protect consumers and investors by specifying which digital assets are commodities or securities.

Pro-XRP lawyer Bill Morgan noted an important aspect of the bill, influenced by Judge Torres. The bill states that digital assets sold under an investment contract are not automatically securities.

The Torres influence on FIT21. XRP is not itself a security pic.twitter.com/0JpWDtByNC

— bill morgan (@Belisarius2020) May 23, 2024

This could impact ongoing legal battles like Ripple vs SEC, potentially reshaping crypto regulation.

XRP Whale Offloads 50.78 Million Tokens

In a striking move, an XRP whale transferred 50.78 million XRP to CEXs Bitstamp and Bitso in two transactions. According to Whale Alert, the first transaction involved 29.14 million XRP sent to Bitstamp, followed by a transfer of 21.64 million XRP to Bitso, all from the same wallet address.

29,140,000 #XRP (15,413,660 USD) transferred from unknown wallet to #Bitstamphttps://t.co/Sx1WIA8OPz

— Whale Alert (@whale_alert) May 22, 2024

The whale’s decision to offload such a substantial amount of XRP amid positive developments for Ripple has added an element of intrigue. The transactions came shortly after Ripple collaborated with these exchanges, further fueling speculation.

Impact on XRP Price

Despite the positive regulatory news, the price of XRP experienced fluctuations. At the time of writing, XRP is trading at $0.528, showing a 1% dip in the past 24 hours. Additionally, the 24-hour trading volume has decreased by 34.07% to $1.13 billion, reflecting a bearish sentiment in the market. XRP’s market cap stands at $29.24 billion.