Ripple Whales on Rampage Amid Steady Price Recovery

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Investor confidence in the cryptocurrency market as a whole has improved over the past several weeks, and Ripple (XRP) has been no exception. Even the total value of all cryptocurrencies is up by 0.92%, which reflects how quickly most coins have been rising over the past several days.

XRP/USD Daily Chart

Meanwhile, massive XRP whale transfers are being made as the token’s price is on the rise, according to a recent WhaleAlert report. According to the study, over 429 million tokens—or around $167 million—moved through various whale addresses in the previous day.

WhaleAlert reports that a transfer of 209 million XRP worth roughly $81 million was the single-largest whale transaction. The crypto whales made multiple trades totaling $49 million (or 123 million XRP). In a Binance transaction, one whale account accumulated 94.3 million tokens worth 38 million dollars.

Ripple Records Gains Despite Ongoing SEC Lawsuit

Over the past seven days, the price of XRP has increased by around 12%, according to data from CoinMarketCap. As of right now, it has a $1.3 billion trading volume, which has increased by 55%. Despite the ongoing SEC litigation against Ripple, the market capitalization of XRP, which is over $19.5 billion, has not been affected.

However, some whale addresses had Ripple’s native coin outflows noted by WhaleAlert. Some whales transferred 97 million Ripple native coins, valued at about $37 million, to the Bitstamp cryptocurrency exchange.

Aside from the significant whale address activity, WhaleStats also revealed that the top 1,000 BSC (Binance Smart Chain) whales possessed XRP coins, which were the second-largest cryptocurrency by dollar value. The largest BSC whale now has bitcoin assets valued at roughly $27.6 million.

Recent data shows that the biggest BSC whales secured XRP’s spot among the top 10 cryptocurrencies they bought. It also appeared on the list of the tokens that BSC whales traded the most.

 

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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.