Ripple Vs. The SEC’s legal battle has created tension for XRP as the court hearing could end this year. The CEO of Ripple has optimistic that the lawsuit could end earlier in 2023. However, Ripple’s original token XRP has tried to weather the storm of the case and the bearish crypto market.
But despite the new XRP price, crypto whales continue to show more interest in the token. On-chain data provider Whale Alert reported millions of XRP tokens were recently moved by several crypto whales.
Pope Performs Multiple Transactions Involving XRP Tokens
According to data providerthe largest single transaction involving the XRP token was the transfer of 160 million XRP coins between two unknown wallets on January 27. According to the current crypto market price, the token is worth more than $ 65.53 million.
🚨 🚨 🚨 🚨 🚨 🚨 160,000,000 #XRP (65,533,398 USD) transferred from unknown wallet to unknown wallethttps://t.co/USsWzZuPhF
– Beware the Whale (@waspada_whale) January 27, 2023
Also, Whale Alert recorded transfer 39,500,000 XRP from Bitso to an unknown wallet. The transaction took place on January 26, and the token was worth $16.2 million. Other important transactions involving XRP tokens include transfers from 30 million XRP coins worth $12.41 million from an unknown wallet to Bitso. Also, another whale moved 33 million XRP tokens worth $13.65 million to Bitstamp from an anonymous wallet.
With various transactions from whales, data shows that they have dumped up to 100 million XRP worth $32 million to several exchanges in the past 24 hours.
Bitstamp crypto exchange seems to have received one significant transfer of 36 million XRP coins worth almost $15 million. Cumulatively, Bitstamp received a total transfer of 69 million XRP tokens worth $28 million in the past 24 hours.
In addition, data from Whale Alert shows that the whales collect XRP in the middle the price goes down. For example, the whale bought about 30 million XRP tokens worth $12.19 million from Bitso. Also, another bought 40 million XRP worth almost $16.2 million recently.
Possible Price Increase For XRP In The Future
XRP has gained some popularity recently in the crypto industry. One reason could be a lengthy lawsuit with the US Securities and Exchange Commission (SEC). Regulators sued Ripple Labs and several of its executives in December 2020, and the case has followed several dramatic developments since then.
However, XRP has been able to capture the crypto market despite the legal battles. Data from CoinMarketCap shows that XRP ranks 6th in terms of market capitalization, which is currently at $20.72 billion.
At the time of writing, XRP is trading at $0.410, showing a 0.65% decline over the past 24 hours. The 24-hour trading volume for the token is $801,429,074.
Regarding social dominance, XRP has shown its strong character by increasing the news of crypto assets due to lawsuits with the SEC.
Featured Images From Pixabay/vjkombajn, Graphics From Tradingview