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Ripple Vs. The SEC legal battle has created tension for XRP as the trial could end this year. The CEO of Ripple is optimistic that the lawsuit may end earlier in 2023. However, Ripple’s native XRP token has been trying to weather the storm of cases and the bearish crypto market.
But despite the recent drop in XRP price, crypto whales continue to show greater interest in the token. On-chain data provider Whale Alert reports millions of XRP tokens were recently moved by several crypto whales.
Whale Conducts Multiple Transactions Involving XRP Token
According to data providerThe largest single transaction involving XRP tokens 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 over $65.53 million.
🚨 🚨 🚨 🚨 🚨 🚨 160,000,000 #XRP (65,533,398 USD) transferred from unknown wallet to unknown wallethttps://t.co/USsWzZuPhF
— Whale Alert (@whale_alert) January 27, 2023
Also, the Pope’s Memorial recorded transfer 39,500,000 XRP from Bitso to an unknown wallet. The transaction occurred on January 26, and the token is worth $16.2 million. Other important transactions involving XRP tokens include transfers 30 million XRP coins worth $12.41 million from an unknown wallet to Bitso. Also, other whales are moving 33 million XRP tokens $13.65 million to Bitstamp from an anonymous wallet.
With multiple transactions from Whale, data shows that they dumped up to 100 million XRP worth $32 million to multiple exchanges in the last 24 hours.
Crypto exchange Bitstamp appears to have received the most significant transfer of 36 million XRP coins worth nearly $15 million. Cumulatively, Bitstamp received a total transfer of 69 million XRP tokens worth $28 million over the last 24 hours.
Moreover, data from Whale Alert suggests that whales do collect XRP in the midst of falling prices. For example, a whale bought around 30 million XRP tokens worth $12.19 million from Bitso. Also, others bought 40 million XRP worth nearly $16.2 million recently.
Possible Price Surge For XRP In The Future
XRP has been gaining popularity recently in the crypto industry. One of the reasons could be that prolonged lawsuit with the US Securities and Exchange Commission (SEC). The regulator sued Ripple Labs and some of its executives in December 2020, and the case has followed a dramatic trajectory since then.
However, XRP has been able to survive in the crypto market despite the legal battles. Data from CoinMarketCap shows that XRP is in 6th place in terms of market capitalization, which currently stands at $20.72 billion.
At the time of writing, XRP is trading at $0.410, indicating a decline of 0.65% over the last 24 hours. The 24 hour trading volume for the token is $801,429,074.
Regarding social dominance, XRP has shown a strong disposition with increasing news about the crypto asset due to its lawsuit with the SEC.
Featured Image From Pixabay/ vjkombajn, Graph From Tradingview
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