Over Half Billion XRP Shifted By Whales Amid Price Drop

XRP News: The market is trading in red today as Bitcoin, and altcoins including XRP see a decline. The possibility of the crash of Silvergate Capital gave a blow to cryptocurrency prices this week.  Ripple (XRP) is currently facing an ongoing battle with the U.S. Securities and Exchange Commission. The awaited Summary Judgement, however, as per a report by Coingape, Jury Trial might be the next step in the legal battle. Nevertheless, the whales are continuing to move tokens despite the volatility that XRP faces right now. 

XRP Whales on move

According to WhaleAlert’s data, more than 681 million XRP tokens have been transferred by the whales valued at approximately $252 million, in various transactions. The largest single transaction recorded by the tracker involved the movement of just over 270 million XRP, valued at around $99 million, from an unknown wallet address to another.

Also read: Dormant Wallet Shifts 10.2K Ethereum Amid Silvergate Debacle; ETH Price Dump Ahead?

Moreover, whale addresses have transferred approximately 51 million XRP, worth roughly $18 million, from a crypto exchange Bitso to an unknown wallet. Additionally, a whale moved 110 million XRP tokens, valued at over $4 million, to the Bitstamp crypto exchange.

Ripple (XRP) price dips by 2.67%

XRP Price slips by 2.67% in the last 24 hours and each XRP token is trading for 0.364 USD. The market cap for this crypto is currently at 18.54 billion USD. Trading volume is up by 38.61% over the last day.

XRP has seen a decline of 11.86% in the last 30 days, traded as high as $0.4193, and stands as the 4th largest loser when compared to the top 10 coins in the cryptocurrency market. Over the past 7 days, the token has seen a dip of 3.13%. Yet, we must consider that this is the loss that XRP is incurring despite the case Ripple Labs is fighting with the SEC. 

Also read: Just In: Kraken Is Planning To Launch Its Own Bank

Shourya is a fintech enthusiast who mainly reports on Cryptocurrency Prices, Union Budget, CBDC, and FTX collapse. Connect with her at [email protected] or tweet at Shourya_Jha7

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.