Are Crypto Whales Riding High XRP Price?

The global crypto market printed green indexes on Friday even after registering a higher inflation rate than expected. However, XRP, Ripple’s native token has maintained its positive streak among the top cryptos. It seems that with the optimistic updates from the Ripple lawsuit, the whales are also helping the XRP price to pump hard.

XRP price on a dream surge

XRP price have jumped by almost 12% in the last 24 hours taking its gaining streak to a new high. Earlier, Coingape reported that the XPR token has decoupled from the other cryptocurrencies.

However, a huge whale accumulation has also been reported over the past 24 hours. As per whale alert, the biggest crypto wallets have added around 120.2 million XRP tokens in multiple transactions. The whales have bought have around $60 million worth of XRP tokens.

The biggest transaction recorded has been of a whale buying $31.2 million worth of XRP tokens from the Bitso crypto exchange.

Meanwhile, huge transactions of moving to 200 million XRP tokens (worth approx $99.72 million) are also being reported from the whale tracker. Another suspicious transaction of moving 50 million XRP tokens (worth $24.3 million) from Ripple to an unknown wallet has made it to the list.

However, the whales have also moved lots of XRP tokens from their wallets to multiple crypto exchanges. More than 120 million tokens have been moved to exchanges. The majority of the token dumping has been done on the Bitstamp crypto exchange.

Ripple case ruling helping in surge?

Price growth of the XRP token has been hindered due to the long running lawsuit charge by the US SEC. However, the recent ruling has shifted the momentum in the favor of the Ripple and defendants.

XRP price are running high by over 50% over the past 30 days. XRP is trading at an average price of $0.501, at the press time. Its 24 hour trading volume is marginally up to stand at $2.32 billion.

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]

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