The native cryptocurrency of Ripple Labs, XRP, has drawn investors’ attention as it showed positive price movement on Wednesday after facing significant selling pressure. Even though XRP continues to be affected by the regulatory pressure imposed by the US Securities and Exchange Commission (SEC), cryptocurrency whales have been observed transferring large sums of XRP tokens between exchanges.
Over the past 24 hours, data reveals that approximately 140 million XRP, worth around $60 million, were moved in multiple transactions by crypto whales. Notably, the largest transaction involved transferring 50 million XRP tokens, equal to $21.4 million, from an address named Ripple to an unidentified wallet.
Simultaneously, trackers caught these whales offloading approximately 89 million XRP tokens, worth nearly $38 million, in several transactions. The largest of these involved moving 31 million XRP tokens (roughly $13.1 million) to the Bitstamp crypto exchange. An additional 59 million XRP tokens (around $25 million) was also transferred to the exchange, possibly to be sold.
These trends suggest that crypto whales may be anticipating an XRP price increase, enabling them to sell their holdings for a profit. Over the past 30 days, the XRP price has seen a decline of 15%, but its value has risen by nearly 1.5% within the last 24 hours, reaching an average price of $0.431 at the time of writing. Meanwhile, the 24-hour trading volume has dropped by 20% to $903 million.
The recent surge in XRP price has undoubtedly caught the eye of both supporters and skeptics alike. On one hand, proponents argue that the increased trading volume and whale movement could indicate a positive outlook for the coin, with the possibility of further price growth. On the other hand, skeptics point towards the ongoing regulatory situation surrounding Ripple Labs and XRP, which may adversely impact the currency’s long-term performance.
With the current market conditions and ongoing legal disputes, potential investors should conduct thorough market research before committing to any investment in the cryptocurrency space. It is crucial to bear in mind that the opinions presented in this article are based on the author’s personal views, and neither the author nor the publication assumes responsibility for any personal financial losses.
Source: Coingape
