Ripple Whales In Accumulation Mode as SEC Turns Over Hinman Documents

On Friday morning, Ripple and other defendants in the lawsuit against the SEC scored a significant victory. The important Hinman speech document was finally turned over by the SEC to Ripple. Interestingly, prior to the news becoming public, the crypto whales shifted a significant quantity of Ripple’s native cryptocurrency.

According to a report from crypto data provider Whale Alert, several whales have transferred almost 240 million XRP coins over the last day, totaling about $81.08 million.

Whales transferred about 100 million XRP from the Bitstamp cryptocurrency exchange to other wallets. The tracker’s largest transaction was the addition of $28.34 million worth of XRP cryptocurrency from the same site.

However, XRP tokens valued at $63 million were transferred from an unidentified wallet to several other wallets. Currently, there are over 140 million XRP tokens in circulation. As recent encouraging developments in the critical SEC v. Ripple case have been published, whales’ interest is continuously increasing.

Has the Latest News Affected the Price of Ripple?

The price of XRP hasn’t changed as a result of this significant case update. On the previous day, XRP prices had decreased by about 4%. However, to reach $1.8 billion, its trading volume has increased by almost 25%.

Reports suggest that since the Ripple lawsuit’s summary judgment phase started, XRP whales have been in accumulation mode. Whales gathered over 99 million XRP tokens from several cryptocurrency exchanges on October 19, 2022. A $35 million worth of XRP cryptocurrency is also apparently being transferred on the same day from Ripple to an unidentified wallet.

Over the past 30 days, XRP has shown to be more profitable than the two largest cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH). The price of Ripple’s cryptocurrency has increased by about 10%, while the prices of BTC and ETH have decreased by 3% and 7%, respectively.

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