Whales Move Over 400 Million XRP Following Price Surge

Whales Move Over 400 Million XRP Following Price Surge
  • The SEC action against Ripple is only one of several causes driving this uptick.
  • 162.5 million XRP (about $65.1 million) were transferred by a whale.

Ripple’s native cryptocurrency, XRP, is one of the few that has been increasing in value despite the general market downturn. The SEC action against Ripple is only one of several causes driving this uptick. Nonetheless, the case-related developments have prompted crypto whales to purchase additional XRP.

According to Whalestats, the largest crypto “whales” traded almost 421 million XRP during the price increase. In the last day, whales have traded almost $170 million worth of XRP.

Approximately $56 million worth of XRP was purchased by whales on the Bitstamp cryptocurrency platform. Furthermore, the largest accumulation transaction on the same platform included adding XRP tokens valued at $24.3 million.

Still Ongoing Lawsuit

However, 162.5 million XRP (about $65.1 million) were transferred by a whale from an unidentified wallet. The whale seems to be patiently awaiting further good XRP news, as seen by this trade.

Almost in the last week, the value of XRP has increased by over 15%. At the time of publication, its average price was $0.4028. However, XRP’s price increased by 9.0 percent on Friday while other alternative coins saw losses. Despite SEC legal obstacles, Ripple’s native coin has maintained a market cap of more than $20.4B.

Moreover, the lawyer representing XRP holders, Attorney John Deaton, pointed out in a Twitter thread that XRP has been one of the top 10 cryptocurrencies for the last decade. When Ripple’s native coin was in second place, though, Hinman didn’t penalize Ethereum as much. A year later, in December 2020, Ripple was sued by the SEC and the lawsuit is still ongoing.

An engineering graduate who is passionate about writing and loves the very existence of crypto. Trading forex currency keeps me busy when I am not writing and analysing the crypto world.