• 29 May, 2024
News

Ripple’s Market Buzzes: New Whale Acquires 410 Million XRP Tokens Amidst Volatility

In a notable development that’s stirring considerable excitement among cryptocurrency investors, an anonymous big player, commonly referred to as a “whale,” has reportedly purchased a staggering 410 million XRP tokens. This substantial acquisition, translating to an investment exceeding $201 million, was conducted via the Bitvavo exchange, a prominent platform in the digital currency market.

Whale Alert, a renowned crypto transaction tracker, highlighted this intriguing move, which reported the transfer of 409,776,402 XRP tokens on October 17. The transaction is particularly interesting because the recipient’s wallet address was only activated on the same day. This detail implies the emergence of a potentially significant new entity or individual in the XRP market, ready to establish a substantial position.

What makes this development even more compelling is its timing. Recently, XRP’s market price underwent a sharp correction, dropping to a low of $0.47. This decline was part of a broader cryptocurrency market pullback, where various digital assets have experienced depreciation due to traders capitalizing on recent gains through profit-booking. However, despite this downtrend, the anonymous entity’s massive procurement suggests a strong, underlying confidence in XRP’s value and future performance.

Ripple Labs, the company behind XRP, recently celebrated a significant legal victory in its ongoing battle with the U.S. Securities and Exchange Commission (SEC). Judge Torres, overseeing the case, rejected the SEC’s request to file an interlocutory appeal that sought to categorize XRP as a security, setting a trial date for April 2024. This decision marks a pivotal moment in affirming XRP’s status, potentially impacting its adoption and acceptability globally.

Furthermore, the recent whale transaction coincides with a noticeable increase in XRP trading volume, which surged to over $1 billion in the past week. Notably, this isn’t an isolated incident of interest, as institutional investors have consistently shown confidence in XRP, marking 25 weeks of consecutive buying. These activities indicate sustained, growing trust in XRP’s financial prospects among seasoned investors despite market volatility.

This confluence of legal triumphs, sustained institutional interest, and significant whale movements paints a picture of optimism and resilience for XRP. While the cryptocurrency market is known for its unpredictability, such events certainly bolster confidence among participants, potentially heralding a period of recovery and growth for XRP.

Today’s XRP price is trading in a slight downward trend around $0.4922, down 0.40% from its previous day’s closing price. The support and resistance levels for XRP/USD are currently at $0.484 and $0.4898, respectively, indicating a tight trading range in the past 24 hours. The 24-hour trading volume stands at $26 billion, with a total market capitalization of $1.06 billion. This sum ranks XRP as the 5th largest cryptocurrency by market cap, according to CoinMarketCap.

Crypto Market in Frenzy Following Fake ETF Approval Reports Read Previous

Crypto Market in Frenzy Following Fake ETF Approval Reports

Kraken and Coinbase Trump Binance in Liquidity Showdown Read Next

Kraken and Coinbase Trump Binance in Liquidity Showdown