Ripple’s original crypto price, XRP, took a hit on Saturday following broad selling sentiment in the digital asset market. However, this price drop has also broken the long-lasting gains of the XRP. The price movement allowed crypto whales to add more XRP coins to their wallets.
Whales’ favorite choice, XRP?
According to data, the XRP price is up 46% in the past 30 days. However, the prices of the largest digital assets such as Bitcoin (BTC) and Ethereum (ETH) have fallen by 4% and 17% respectively over the same period.
Meanwhile, the XRP price is down about 4% in the past 24 hours. This price dip has piqued the interest of the whales. According to the Whale Alerts, more than 135 million XRO coins have been moved from various crypto exchanges to multiple unknown wallets.
Over $66 million worth of XRP coins have been bought by the whale wallets in the past 24 hours. The largest transaction recorded by the tracker is from a whale that has collected over $19.1 million worth of XRP. The transaction took place on the Bitstamp crypto exchange. However, more than 86 million XRP coins have been acquired by the whales from the same exchange.
Whale Alert also reported that around 122 million XRP were moved from an unknown wallet to another. Meanwhile, $10.7 million worth of XRPs were moved from the whale wallet to the Bitstamp crypto exchange for sale.
Do case rulings help the currency?
XRP is trading at an average price of $0.48 at press time. The 24-hour trading volume is down 52% to $1.02 billion.
Despite the lengthy legal battle with the SEC, Ripple’s XRP has managed to stay on the list of top 10 digital currencies. XRP has a market cap of $24 billion.
However, the recent rulings in the pivotal lawsuit have proved beneficial for Ripple. It has pumped investor sentiments in favor of the XRP.
Ashish believes in decentralization and has a keen interest in evolving Blockchain technology, the cryptocurrency ecosystem and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he’s not writing, he plays video games, watches a thriller, or works out outside. Reach me at [email protected]
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication is not responsible for your personal financial loss.
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