Ripple Price Static Despite Whale Trading Volume

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Despite obtaining favorable information from the significant SEC case, the price of Ripple (XRP) is on a steady decline. According to data from CoinMarketCap, the price of XRP has decreased by over 12% over the last seven days.

Whales, however, took advantage of this price decrease opportunity by going on an XRP buying binge. More than 500 million XRP tokens have been transferred by cryptocurrency whales in the last day, according to statistics from WhaleTracker. These wallets were able to exchange XRP tokens worth $172 million.

Whales transferred 431 million XRP tokens, or about $147 million, from cryptocurrency exchanges to individual wallets. The tracker’s highest transaction was the movement of 325 million XRP. Meanwhile, XRP tokens valued at about $112 million were transferred from Binance.

However, a transaction to shift 50 million XRP tokens—worth around $16.7 million—was made from an address that was reportedly owned by Ripple.

Because of this, XRP’s 24-hour trading volume has increased by 90% and currently sits at a whopping $1.08 billion. As mentioned, the price of XRP appears unaffected by these developments and has only increased marginally over the past 24 hours. The price of XRP has, nevertheless, somewhat increased during the past 24 hours. At the time of writing, the cryptocurrency trades at $0.3446.

Update on the Ripple SEC Lawsuit

In other news, recent reports show that a decision on the motion to seal documents in connection with the expert challenges remained on hold.

Meanwhile, on December 12, John Deaton, a pro-XRP attorney, said that he expected the resolution of the lawsuit to be postponed until April or May, or at least until March 31, due to the overwhelming volume of pages and papers that the court must review before rendering a final decision.

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.