31.1 million XRP transferred to Bitso amid Ripple's SEC dispute

A notable transfer of 31.1 million XRP (CRYPTO:XRP), valued at $15.8 million, was recorded from an unidentified wallet to the cryptocurrency exchange Bitso, suggesting potential market activity for XRP. 

The transaction was reported by blockchain monitoring service Whale Alert and occurred during a critical period in Ripple’s legal dispute with the U.S. Securities and Exchange Commission (SEC). 

This transfer may indicate a possible market sell-off, potentially adding downward pressure to XRP’s price. 

This large XRP movement coincides with ongoing legal proceedings involving Ripple Labs and its CEO, Brad Garlinghouse. 

A U.S. judge recently recommended that Ripple and the SEC consider an “alternative resolution” before continuing with the case. 

Ripple has since requested a final judgment on class-action claims, intensifying focus on its legal status. 

In terms of price expectations, crypto analyst Egrag Crypto noted that XRP’s price chart is forming a symmetrical triangle pattern, a potential precursor to a breakout. 

He suggests that if XRP exceeds $0.5930, it could trigger a significant price increase, with projections as high as $1.50, a rise of 1,347% from current levels. 

Additionally, recent news from Grayscale could impact XRP’s future market position. 

The SEC has accepted Grayscale’s application to convert its Digital Large Cap Fund into an ETF, which includes major cryptocurrencies like Bitcoin and Ethereum. 

If XRP is included and the SEC grants approval, it may open the door for institutional investors to gain regulated access to the token, adding credibility and potential buying interest.

At the time of reporting, the XRP price was $0.5145.