Whale Transfers 24 Mln XRP Amid Price Jump, What’s Next?

A Whale transfer of 24.2 Mln XRP, equivalent to $14 million has been recorded by Whale Alerts. The tokens have been transferred from an unknown wallet. The transfer was made to the renowned cryptocurrency exchange, Bitstamp.

XRP holders are speculating the surge could lead to a potential alteration in XRP price. The wallet address with the initials D6B4A moved the funds within 12 hours ahead of the crypto market rally. The total gas fee charged was a mere 0.000015 XRP.

XRP Whale Accumulation Spikes Amid SEC Lawsuit

Recent data shows that whales are continuously moving and accumulating XRP. XRP holders and investors are speculating a $0.70 jump as the Bitcoin bull market enhances.

Recently, XRP lawyer John Deaton gave an insight into the Ripple vs SEC case. Deaton alleges that SEC lawyers, including Jorge Tenreiro, falsely depicted him as a disgruntled XRP holder. Contrary to their claims, Deaton asserts making substantial profits from XRP when the SEC filed the lawsuit on December 22, 2020.

Deaton cleared that at that time, XRP constituted his smallest investment among three tokens, with BTC and ETH being the primary holdings. Deaton made his remarks in response to reports of additional SEC legal issues.

The current stagnancy in the XRP vs SEC lawsuit is not making any price hypes. Investors and holders are closely monitoring the ongoing developments to gain profits.

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XRP Price Jumps More Than 3%

With the ongoing Bitcoin bullish rally, XRP follows the path as well. At the press time, XRP price was trading at $0.640342, marking a 3.31% surge in the last 24 hours and a substantial 5.96% increase over the past week. The 24-hour trading volume stands at an impressive $1,248,899,754.73.

Fundamentally, the XRP whale accumulation could be attributed to Zodia Custody joining the Metaco network. Metaco is a Ripple-owned institutional-grade custody company. While Zodia Custody is an FCA-registered institution-first digital asset custodian by Standard Chartered and Northern Trust.

Technically, the recent Bitcoin price rally to $41K also triggered top altcoins to surge. According to Macroaxis, Bitcoin and XRP have a 0.91 Pearson’s correlation which is almost linear. This signifies that if the Bitcoin price elevates, it can indirectly cause the XRP price to elevate as well.

Looking at the recent developments in the XRP ecosystem, the price jump is looking fair and not derived from any FOMO or FUD. Investors are advised to keep monitoring the price fluctuations.

Also Read: Cardano (ADA) Price Rises With Soaring Transactions Signaling Institutional Interest

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