Ripple Records Massive Whale Movement as SEC Lawsuit Nears Verdict
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Ripple (XRP), the 6th-ranked cryptocurrency by market capitalization, is experiencing significant movements from crypto whales. These moves are coming at a time when the Ripple vs. SEC lawsuit is edging closer to a judgment. Crypto whales have been accumulating XRP since December 2022, and they have been on a spree. The accumulation of XRP by these whales indicates that they expect significant price movements from the cryptocurrency in the near future.
Ripple Sees Six Whale Transactions Totaling $227 Million: Whale Alert
Whale Alert, an on-chain whale transaction analytics platform, reports that in just six separate transactions, a total of 592,258,033 XRP tokens were moved across the platform. This is worth about $227,439,311 and makes it one of the largest amounts of XRP ever to be moved at once. It also represents a significant increase in the number of XRP tokens being held by whales.
Of the six transactions, the largest was for 232,000,000 XRP tokens worth $88.721,867. This was moved from one unknown wallet to another unknown wallet. The second-largest transaction was for 218,000,000 XRP tokens worth $84,153,392, which also moved from an unknown wallet to another unknown wallet. In the third and fourth transactions, 63,000,000 XRP worth $24,213,047 were moved from unknown wallets to the crypto exchange Bitstamp.
In the fifth transaction, a crypto whale moved 44,000,000 XRP tokens worth $16.869,516 from Bitso, a crypto exchange, to an unknown wallet. In the last transaction, 35,258,033 XRP tokens were moved from the Binance exchange to an unknown wallet. These transactions indicate that the whales are making significant moves with XRP and that they are likely betting on the cryptocurrency’s future price movement.
The XRP price is trading at $0.3644 at the time of writing, down more than 4.88% in the past 24 hours. The broader crypto market’s bearish sentiment left XRP in the deep shade of red, with no Ripple vs. SEC lawsuit updates to distract investors. Nevertheless, the accumulation of XRP by crypto whales is a positive sign, indicating that they believe the cryptocurrency has a bright future. The market will be watching closely to see what happens with the Ripple vs. SEC lawsuit, as this could have a significant impact on the price of XRP in the coming weeks and months.
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