ripple vs. The SEC legal battle is putting tension on XRP as the courts may end this year. Ripple’s CEO Optimistic However, Ripple’s native token, XRP, has been trying to weather a storm of lawsuits and a bearish crypto market.
However, despite the recent drop in the XRP price, crypto whales continue to show interest in the token. His Whale Alert, an on-chain data provider, recently reported that millions of his XRP tokens were moved by several crypto his whales.
Whale executes multiple transactions involving XRP tokens
by data provider, the single largest transaction involving XRP tokens was the transfer of 160 million XRP coins between two unknown wallets on January 27th. According to current crypto market prices, the token is worth over $65.53 million.
— Whale Alert (@whale_alert) January 27, 2023
Also whale alert Recorded Transfer of 39,500,000 XRP from Bitso to an unknown wallet. The transaction took place on January 26th with a token value of $16.2 million. Other notable transactions involving XRP tokens include 30 million XRP coins Bitso worth $12.41 million from unknown wallet.Also another whale moved 33 million XRP tokens An anonymous wallet worth $13.65 million in Bitstamp.
Data showed that multiple trades from whales dumped up to $32 million worth of up to 100 million XRP on several exchanges within the last 24 hours.
The Bitstamp crypto exchange appears to have received the single most significant transfer of 36 million XRP coins worth almost $15 million. Bitstamp has received transfers totaling 69 million XRP tokens, worth $28 million, in the last 24 hours.
In addition, Whale Alert data indicates that whales Accumulate XRP in the price drop. For example, Whale bought about 30 million of his XRP tokens worth $12.19 million from Bitso. Others recently bought 40 million XRP worth about $16.2 million.
XRP price could skyrocket in the future
XRP has recently gained popularity in the cryptocurrency industry. One of the reasons is protracted litigation With the U.S. Securities and Exchange Commission (SEC). Regulators said he sued her Ripple Labs and some of its executives in December 2020, and the lawsuit has taken a dramatic turn since then.
However, despite the legal battle, XRP was able to maintain its position in the cryptocurrency market.data from coin market capitalization XRP ranks sixth in terms of market capitalization, showing that it is currently at $20.72 billion.
At the time of writing, XRP is traded at $0.410, showing a decline of 0.65% over the last 24 hours.The 24-hour trading volume of the token is $801,429.074.
When it comes to social dominance, XRP is showing a strong trend with more crypto news due to the SEC lawsuit.
Featured image on Pixabay/vjkombajn, chart on Tradingview