April 17, 2024

XRP Investors Transact Crypto Worth $130,650,000

Whales have begun bagging large quantities of XRP. Since the lawsuit SEC filed against Ripple appeared near its end, the coin has attracted a lot of investors. Data shows that over one hundred and thirty million worth of XRP got moved in a week. 

Whales Buy XRP

Whale Alert, a whale tracking bot, revealed that whales are buying a massive rate of XRPs. According to data, they moved $130,650,000 worth of the coin in two days. The purchase happened within forty-eight hours over the weekend.

Furthermore, the blockchain tracker reported that the transfers were in six transactions. Six whales moved two hundred and sixty-three million XRPs at once. Altogether, they were worth over one hundred and thirty million dollars. 

An overview of the transaction goes:

  • Bitso received forty million XRPs, an equivalent of $19.76 million, from an unidentified wallet.
  • Bitstamp received sixty million XRPs, currently valued at $29.64 million, also from an unknown wallet
  • A whale transferred 54,123,746 XRPs, the same of which is worth $26.70, from Bitstamp to an unidentified wallet 
  • Bitstamp received twenty-five million XRPs, costing $12.33 million, from an unknown wallet.
  • A whale moved thirty million XRPs priced at $14.76 million from Bitstamp to an anonymous wallet.
  • A whale transferred 54,100,000 XRPs, with a face value of $27.56 million, from Bitso to an unspecified wallet. 

Santiment stated that large-pocket investors are showing interest in XRP lately. It pinpointed the lawsuit as a backing factor behind their actions. It says that an end to Ripple’s litigation is in sight, and whales are buying the coin extensively.

According to the analytics firm, XRP/BTC attained a yearly high of 0.000025, equal to $0.48. Furthermore, XRP custodians having between one and ten million units in their holding have been active since 2020. 

Reason Whales Are Accumulating XRP

On September 17, RippleLabs and SEC requested a summary judgment of their case. A summary judgment implies discontinuing a lawsuit before it gets brought up for a full trial. The Southern New York court, where they filed for summary judgment, granted their request. 

RippleLabs founder, Brad Garlinghouse, opined that the court would not try the case anymore. If anything, it would probably tax the company. So, RippleLabs is finally walking out as a free guy. 

Meanwhile, SEC does not seem happy about the development. However, the court’s ruling would be final. And the expectation is for a favorable outcome for RippleLabs.

Due to this optimism, traders and holders are hubris about XRP. In reaction to the news, they have started storing up XRP tokens in large quantities. 

The massive buying has resulted in XRP outperforming all crypto assets. The coin did 55 percent within a week. Twenty-four hours after the news dropped, it boosted 20 percent. 

According to CoinMarketCap, XRP is trading at $0.46 at the time of publication. It recorded a 6.41 percent decline in twenty-four hours with a daily trading volume of $3,241,178,898.09.

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