Whales Move Over 275 Million XRP Amid Price Surge
Amid the crypto winter and the Ripple lawsuit saga, XRP is breaking records with over a 4% price surge in 30 days. Unfortunately, the past 30 days have been terrible in the market after the FTX collapse, which broke down cryptocurrency values.
However, the low price period proved very beneficial to some fat wallet holders who seized the opportunity to accumulate more assets. Ripple’s native token, XRP, recorded more recovery than Bitcoin amid whale accumulations in the past 24 hours.
WhaleAlert reported that crypto whales moved over 275 million XRP tokens, worth more than $107 million, throughout the past 24 hours. The data also revealed that whales purchased over 113 million XRP, about $44 million, in the past 24 hours.
Is XRP Showing Signs Of Dominance Over Bitcoin?
Most of the transactions came from the Bitso crypto exchange, with the highest record being XRP tokens worth over $15.3 million. These movements saw a price surge in the XRP token, bringing over a 4% increase. However, Bitcoin trades at the $17,153 level, with a 3% dump in the last 30 days.
Around the same time, Ripple’s general counsel, Stuart Alderoty, announced the filing of their final briefing in the XRP lawsuit. The two-year-long legal tussle between the SEC and Ripple is approaching the summary judgment stage.
The crypto industry anticipates the outcome of the court’s ruling as it would affect the future of XRP and the broader digital assets.
If the SEC wins the case, XRP will be seen as a security, and other similar tokens may follow suit. Ripples believe the long-standing battle with the Securities and Exchanges Commission is a fight for the crypto industry.
However, Stuart Alderoty affirms that the Securities and Exchanges Commission holds no proof to satisfy its claims that XRP is a security. The attorney believes the defendants have an advantage over the commission in the case.
Whales’ Continuous Transfer Of XRP: Hold Or Sell signal?
Meanwhile, as the firm faces the watchdog in their lawsuit, whales continue accumulating more tokens. To book more profit as the token price surged, whales transferred over 162 million XRP, worth about $63.1 million, in the past 24 hours. On-chain data revealed that most tokens went to the Bitstamp crypto exchange.
The report shows that whales moved another 160 million of the token on Thursday as the Ripple/SEC lawsuit approaches the final round. In addition, more than 4 billion XRP tokens also went from Bittrex to an unknown wallet. Data revealed that the tokens are worth about $1.5 billion in total.
As large numbers of these tokens moved among exchanges and whale accounts, the token has continued to bag profits. As a result, the token now trades at $0.3872 with a live market capitalization of $19,477,214,657.
Featured image from Pixabay, chart from TradingView.com