XRP Whales Move Assets As Price Dips, What’s Next?
The crypto market is still recording the swings of the prevailing crypto winter, especially XRP. Most of the assets have not been impressive in their price movements. According to data from CoinMarketCap, the crypto market has pushed the cumulative market cap to around $812.00 billion. This indicated a drop of 0.88% over the past 24 hours.
With the declining market trend, XRP stands among the assets that have lost value. The price dip has attracted crypto whales. They have moved millions of XRP tokens to different crypto exchanges.
Whales Show Interest In XRP
According to WhaleAlert, an on-chain data provider, there have been several transactions involving XRP. It recorded that crypto whales have transferred about 385 million XRP to crypto exchanges within 24 hours. The cumulative tokens are worth almost $131 million in the current market prices.
The data provider noted that besides the most significant single transaction, many whales had moved about 70 million XRP tokens to several crypto exchanges. The value is worth about $25.6 million. The report indicated that most transfer transactions were on Bitstamp, costing $10.1 million. In addition, one of the whales moved XRP tokens worth about $11.8 million to the Bitso crypto exchange.
Also, an unknown crypto whale is reported to have purchased up to 35.1 million XRP tokens. The transaction occurred during this present XRP price dip through the Bitso exchange. As a result, the whale accumulated Ripple tokens worth about $11.8 million.
Notably, the largest single transaction from a whale, as recorded by the data provider, involved a transfer of over 280 million XRP tokens. The tokens are worth almost $95.4 million.
XRP Token Continues To Plummet
Ripple’s native token has not made any unusual movement recently. Instead, XRP has dropped by almost 12% over the past 30 days.
During today’s early trading hours, XRP dipped by 3%. At the time of writing, the token is trading at $0.3364. Also, XRP recorded about $691.2 million as its trading volume over the past 24 hours. Its market cap now sits at $16.93 billion, keeping the token at the 6th position in the CoinMarketCap ranking of crypto assets.
The price trend for XRP still has some elements of instability and uncertainty. Recall that over the past three days, XRP indicated slight volatility as the price climbed to around $0.35. The coin showed a considerable presence of the bulls through its price movement. However, XRP still couldn’t sustain the reclaimed value as the token fell to the $0.33 level.
A recent report disclosed that Ripple’s case with SEC might still last longer. Seven days ago, Ripple CEO Brad Garlinghouse estimated that the lawsuit might run for 3 to 4 months more but should end in Q1 of 2023. As the lawsuit is highly linked to XRP, analysts predict a change to a positive direction.