The crypto market is still recording the future changes of existing cryptos, especially XRP. Most of these assets are not impressive in their price movements. According to data from CoinMarketCap, the crypto market has pushed its cumulative market cap to around $812.00 billion. This represents a 0.88% decline over the past 24 hours.
With the downward trend of the market, XRP is one of the assets that lost its value. The price drop has attracted crypto whales. They have moved millions of XRP tokens to different crypto exchanges.
Pope Shows Interest in XRP
according to WhaleAlert, an on-chain data provider, has had several transactions involving XRP. It notes that crypto whales have transferred around 385 million XRP to crypto exchanges in 24 hours. The cumulative token is worth almost $131 million at current market prices.
The data provider notes that in addition to the most important single transaction, many whales have transferred about 70 million XRP tokens to several crypto exchanges. It is worth an estimated $25.6 million. The report shows that most of the transfer transactions were on Bitstamp, with a value of $10.1 million. In addition, one of the whales transferred approximately $11.8 million worth of XRP tokens to crypto exchange Bitso.
Also, an unknown crypto whale has reportedly bought up to 35.1 million XRP tokens. The transaction occurred during the current drop in XRP prices via the Bitso exchange. As a result, the whale collected approximately $11.8 million worth of Ripple tokens.
In particular, the largest single transaction of the whale, as noted by the data provider, involved the transfer of more than 280 million XRP tokens. The token is worth almost $95.4 million.
The XRP token continues to decline
Ripple’s native token has yet to make any unusual moves. However, XRP has dropped almost 12% in the past 30 days.
During today’s early trading hours, XRP is down 3%. At the time of writing, the token is trading at $0.3364. Additionally, XRP recorded around $691.2 million in trading volume in the past 24 hours. The current market capitalization is at $16.93 billion, keeping the token in 6th place in the CoinMarketCap ranking of crypto assets.
The price trend for XRP still has some elements of instability and uncertainty. Note that over the past three days, XRP has shown slight volatility as the price has risen to $0.35. The coin shows a lot of bullishness through its price movement. However, XRP still couldn’t hold its reclamation value as the token dropped to the $0.33 level.
A new report revealed that Ripple’s case with the SEC may take longer. Seven days ago, Ripple CEO Brad Garlinghouse estimated that the lawsuit could take 3 to 4 months more but should be completed in Q1 2023. Since the lawsuit is related to XRP, analysts predict a change in a positive direction.