Are Crypto Whales Riding the XRP Price Surge?

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XRP News: Ripple’s native crypto, the XRP price and its community have been elevated during recent development in the crucial SEC lawsuit against Ripple. However, crypto whales went on a XRP accumulation frenzy using the “Buy The Dip” opportunity.

Whales move 200 million XRP

According to data provided by WhaleAlert, crypto whales managed to move more than 200 million XRP tokens (worth around $72.6 million) in the last 24 hours. However, the price of XRP jumped around 5% during this period.

Crypto Whale bought over 77 million XRP tokens in multiple transactions. Around $27 million of Ripple’s native token was purchased from Bitso, a crypto exchange in the last 24 hours. However, the largest recorded accumulation transaction was to add 44 million XRP.

Meanwhile, some whales have moved their XRP holdings to the crypto exchange amid the recent price spike. According to the data, Crypto whales sent 80 million XRP tokens (worth around $28 million) to Bitstamp. However, a wallet labeled Ripple moved 50 million XRP (worth around $17.4 million) to an unknown address. Read more XRP news here…

The price of XRP has jumped over 6% in the last 7 days. Ripple’s native crypto is trading at an average price of $0.3639, at press time. However, its 24-hour trading volume saw a 3% drop to $1.1 billion.

Ripple Drops 2023 Crypto Report

Ripple Labs published a 2023 encryption report “A Focus on Real-World Utility”. He mentioned that the Ripple executive predicts that from non-fungible tokens (NFTs) to central bank digital currencies (CBDCs) will imply their application for real-world utility.

He added that they expect to see a general change in the market. It will be a shift from highly speculative companies to companies that are looking for digital asset solutions to solve real world problems.

2022 has seen a horrific collapse of crypto firms like FTX, Celsius, Voyager, and Three Arrows Capital. This has led to falling valuations and distressed assets which will present more acquisition opportunities.

Ashish believes in decentralization and has a keen interest in the evolution of Blockchain technology, the cryptocurrency ecosystem, and NFTs. He aims to raise awareness of the growing crypto industry through his writing and analysis. When he’s not writing, he’s playing video games, watching thrillers, or playing sports outdoors. Contact me at [email protected]

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.

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