XRP Whales Are Accumulating Massively Ahead of the SEC Filling

TMI Newsdesk
4 Min Read

The XRP price dipped by over 2% on April 28, 2024, closing at $0.51. Deep-pocket investors (whales) seized this chance to increase their XRP holdings at a discounted rate. 

On-chain data from Whale Alert reveals a series of large purchases on April 29, totaling an impressive 75 million tokens. These transactions involved moving XRP from cryptocurrency exchanges into private wallet addresses controlled by the whales.

Massive XRP Transactions Unveiled

A whale with the wallet address “rhWj9…. FLQkK” executed one of the most notable transactions. This address received a staggering 24.05 million XRP, valued at approximately $12.39 million at the time of the transaction, directly from Binance’s XRP reserves. This single transaction alone accounted for a substantial portion of the total volume traded that day.

Another whale, identified by the address “rfQ9E…k8Cvi,” acquired 26.33 million tokens, worth around $13.56 million, from Binance’s XRP holdings. 

A third whale, with the wallet address, acquired 30.530 million tokens from the Bitstamp cryptocurrency exchange. These transactions reinforced the overall XRP whale accumulation trend during the recent price dip.

The timing of these large XRP whale purchases coincides with an important deadline in the ongoing legal battle between Ripple and the (SEC). On April 29, 2024, the SEC is expected to file its reply in response to Ripple’s motion.

This motion challenges the acceptability of certain expert submissions made by the commission earlier in the case.

This legal development has fueled speculation and anticipation within the broader cryptocurrency community. Currently, XRP is trading at $0.5084, down 5% in the last seven days.

Renewed Confidence in the Token

The recent accumulation trend observed among XRP whales suggests a renewed confidence in the cryptocurrency’s prospects. This is likely fueled by optimism surrounding the ongoing legal battle with the SEC. 

It is noteworthy that whales also displayed a similar buying behavior on April 28, 2024. Data from whale alert shows two additional whales collectively acquired approximately 46 million XRP from Binance’s reserves.

This sustained interest from deep-pocketed investors could be interpreted as a positive signal. This indicates that market participants are positioning themselves favorably in anticipation of a potential positive outcome in the Ripple vs. SEC lawsuit. 

A favorable ruling for Ripple could potentially open up new avenues for XRP’s adoption and integration into various financial services and platforms. This will, in turn, increase its utility and drive further demand for the asset.

However, it is essential to note that whales’ actions do not necessarily guarantee future price movements or success for XRP. 

While their substantial investments may influence market sentiment and attract additional interest, XRP’s long-term performance will ultimately depend on various factors. This includes regulatory clarity, adoption by businesses and institutions, and the overall maturity of the broader cryptocurrency ecosystem.

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