An XRP whale recently moved a large amount of XRP to centralized exchanges (CEXs), capturing global attention following the U.S. House of Representatives' vote on the Financial Innovation and Technology for the 21st Century Act (FIT21). This significant event marks the first major crypto bill approved in the United States. Pro-XRP lawyer Bill Morgan highlighted that Judge Torres’ input on FIT21 indicates that digital assets sold through an investment contract aren’t automatically considered securities just because of their sale or transfer within that contract. This could be a pivotal development in the ongoing Ripple vs. SEC lawsuit, while the whale’s activity has fueled further market speculation.

According to Whale Alert, an on-chain transaction tracker, an XRP whale transferred a substantial 50.78 million XRP in two transactions to Bitstamp and Bitso, two well-known CEXs. The first transaction involved 29.14 million XRP sent to Bitstamp, based in Luxembourg City, and the second involved 21.64 million XRP transferred to Bitso, located in Mexico City. Both transactions came from the same wallet address ending in ..Rzn.

The whale’s unexpected decision to sell XRP, especially in light of the positive news for Ripple, has added an intriguing twist to these events. Notably, these transactions occurred shortly after Ripple partnered with these exchanges, leading to increased speculation.

At the time of writing, XRP’s price showed fluctuations within the past 24 hours, oscillating between red and green territories. The token’s price settled at $0.528, experiencing a 0.96% drop over the past day. Additionally, the 24-hour trading volume decreased by 37.07% to $1.12 billion, contributing to a bearish outlook for the token.

This price decline is likely linked to the increased selling pressure from the whale’s selloff. Furthermore, the Futures and Options Open Interest (OI) dropped by 1.18% to $620.54 million, and the derivatives volume decreased by 40.73% to $866.15 million, further intensifying bearish sentiments among investors.

Despite these developments, the Relative Strength Index (RSI) stood at 51, indicating a neutral market stance. This suggests that either bulls or bears could potentially take control of the token's future direction, although optimism stemming from FIT21 continues to support XRP.