XRP, which showed significant signs of recovery in the past weeks following the positive developments surrounding the Ripple-SEC case, has retraced moderately in the last 24 hours. Regardless, interest in the XRPL native token remains high as over 251 million XRP has been on the move within the last 24 hours.
According to Whale Alert, the leading blockchain tracker and analytics platform that reports large crypto transactions, over 251,351,473 XRP tokens were shifted by whales in only 5 transactions, in the last 24 hours. It bears mentioning that crypto entities like Bitso, Nexo, and Binance were involved in these massive movements of XRP.
Among these transactions, the largest transfer was recorded when 89.5 million XRP tokens were withdrawn from the Bitso exchange to an unknown wallet. This transaction was worth over $36.8 million, at the time of execution.
🚨 🚨 🚨 89,500,000 #XRP (36,873,890 USD) transferred from #Bitso to unknown wallethttps://t.co/MrGoOEoFU3
— Whale Alert (@whale_alert) November 9, 2022
Meanwhile, 90 million XRP had earlier flowed into the Bitso exchange in two transactions of 60 million XRP and 30 million XRP, as revealed by Whale Alert.
🚨 🚨 60,000,000 #XRP (24,447,009 USD) transferred from unknown wallet to #Bitsohttps://t.co/ujIvCXi4PS
— Whale Alert (@whale_alert) November 9, 2022
🚨 30,000,000 #XRP (12,223,505 USD) transferred from unknown wallet to #Bitsohttps://t.co/T5R01nCsNB
— Whale Alert (@whale_alert) November 9, 2022
In another XRP movement, 41.6 million XRP worth approximately $16.24 million was transferred from Nexo to an unknown wallet. Whale Alert equally updated a transfer of 30,250,473 XRP tokens from Binance to an unknown wallet.
🚨 41,601,000 #XRP (16,237,450 USD) transferred from #Nexo to unknown wallethttps://t.co/NRf2ghrd0Z
— Whale Alert (@whale_alert) November 8, 2022
🚨 30,250,473 #XRP (11,507,222 USD) transferred from #Binance to unknown wallethttps://t.co/6etvcJWm3n
— Whale Alert (@whale_alert) November 9, 2022
Related: Attorney John Deaton Explains Why LBRY Case Outcome Should Not Be Expected for XRP Lawsuit
XRP in the Market
In the last 7 days and 24 hours, XRP has been in a downtrend following the spectacular dump in the price of Bitcoin (BTC), and Ethereum (ETH) among other top crypto assets.
At the time of writing, the Ripple-backed crypto token, XRP, is the 7th largest crypto by market capitalization ($18.6 B). The token is currently trading for $0.37 with a 24 hours price decline of $18%, according to data from Coinmarketcap.
However, a report indicated that XRP seems to be attracting the attention of institutional investors. On Tuesday, CoinShares, the prominent cryptocurrency assets manager, showed that institutional investors are currently buying up XRP as the digital asset saw massive inflows for the third week in a row.
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