On April 23, 2023, XRP, the cryptocurrency developed by Ripple Labs, attracted significant investor attention due to an increase in large-scale investors’ (whales) involvement in the past day. This surge in XRP whale activity coincided with Ripple’s recent move to challenge the U.S. Securities and Exchange Commission (SEC). The combined events fueled excitement within the crypto community, causing widespread debate on potential price movements for XRP.
During the present day, the XRP token, which is supported by Ripple, mainly saw gains. However, it’s important to mention that Ripple’s legal battle with the U.S. SEC has caused XRP to underperform for quite some time. Now, as the lawsuit developments continue and large investors show increased interest in XRP, the wider crypto market is preparing for potential significant price fluctuations.
XRP Whales Shuffle 70 Mln Coins Igniting Inferences: Report
Based on the information provided by Whale Alert’s blockchain analysis, three significant transactions involving around 70 million XRP coins have taken place in the past day. The initial transaction saw a whale from Binance acquire 24.52 million XRP, equivalent to $13.71 million. Conversely, a well-known XRP whale disposed of 26.40 million coins, valued at $14.63 million, to Bitstamp, a renowned cryptocurrency exchange based in Luxembourg City. Lastly, an anonymous whale amassed 19.18 million XRP, worth $10.45 million, from Binance once more.
Interestedly, this account sparked a great deal of debate about XRP‘s price movement as whales expressed conflicting signals. Previously mentioned, two large investors bought significant quantities of XRP, while another sold substantial amounts, creating a ambiguous outlook for XRP’s future value. Moreover, Ripple’s announcement that they would challenge the U.S. Securities and Exchange Commission added to the uncertainty surrounding XRP’s price direction.
Significantly, while Ripple consented to pay a fine of up to $10 million, the US SEC originally proposed fines totaling $876,308,712. This development escalated the ongoing legal dispute between the two parties, causing further uncertainty about XRP‘s price, as the value of Ripple’s native token is heavily influenced by these lawsuits.
Crypto market analyst Ali Martinez has pointed out that large investors, or “whales,” have been buying up XRP in greater numbers since the token dropped from $0.62 to $0.41. This trend has brought some positivity to XRP’s price movement. Notably, other experts predict that XRP will reach $1 by April, which may explain the whale purchases. Essentially, this suggests a hopeful outlook for XRP’s future price direction.
The price of XRP fell from $0.62 to $0.41, causing cryptocurrency giants to take notice. These influential figures have purchased approximately 31 million XRP within the last week.
— Ali (@ali_charts) April 23, 2024
XRP Price Soars
At present, the price of XRP has increased by 2.16% over the last 24 hours and is now being traded at $0.5452. The token, supported by Ripple, demonstrated a robust market upward trend today with a 3.05% gain in open interest and a significant rise of 49.46% in derivative volume.
Despite conflicting views from large investors (whales) and Ripple’s ongoing legal issues, the general sentiment towards XRP among investors has remained optimistic, indicating potential for further price increases if buying pressure continues in the market. Crypto market observers remain closely watching XRP due to its association with Ripple. However, given the volatile nature of the crypto world, this close attention is not unexpected.
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2024-04-23 14:02