Sunday, January 22, 2023
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Whales Shift Nearly 542 Million XRP Within 24 Hours. Here’s Where they Are Heading

XRP is among the tokens that recorded most whales’ interactions in the last 24 hours. This further demonstrates the boost in investors’ interest in the digital token, despite the lingering lawsuit against Ripple engineered by the SEC.

The cryptocurrency market which experienced a spectacular downtrend on Wednesday, following the FTX exchange saga seems to be gradually recovering.

XRP, the 7th largest crypto by market capitalization has equally appreciated by over 3% in the last 24 hours, at the time of writing. This recovery has triggered several massive whale activities since Thursday, as reported by the Whale Alert Twitter handle.  

The blockchain analytic platform showed that in the four most recent XRP transactions, 541,580,203 XRP were moved between unknown wallets and the Bitso exchange. The cumulative dollar value of these XRP tokens is approximately $200 million, using the exchange rate at the time of the transfers. 

In one transaction, 49.5 million XRP tokens worth $19.53 million were sent out of the Bitso exchange’s custody to a non-exchange wallet. Sequel this transaction, a whopping 30 million XRP flowed into the Bitso exchange from a certain whale wallet. 

Whale Alert also reported a $112 million XRP wallet-to-wallet transfer that occurred on Thursday. Here, 312 million XRP tokens were moved from one wallet to another. Similarly, 150 million XRP were shifted in a wallet-to-wallet transfer. At the time of execution, this transaction was worth about $54.37 million.

Read Also: XRP Sees Massive Inflows for the Third Week in a Row as Institutional Investors’ Interest Surges

XRP Lawsuit Lingers

It is said that the revived interest in XRP is due to the positive developments surrounding the Ripple-SEC case. It bears mentioning that many United States-based exchanges like Coinbase were pushed to delist the cryptocurrency asset from their trading platform when the XRP lawsuit first began. 

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In recent unfolding, Ripple has recorded significant support from US-based crypto entities. Particularly, Coinbase, the largest US-based crypto exchange requested leave to file amicus briefs in support of XRP and Ripple’s motion for Summary Judgment. Also, a Canada-based exchange recently relisted XRP, resuming trading of the digital token on its platform. 

According to Ripple CEO Brad Garlinghouse, the XRP lawsuit, where the SEC argues that XRP is a security, is likely to be wrapped up in mid-2023. Ripple and XRP enthusiasts are hopeful the case would end in their favor, despite the SEC’s victory over LBRY, in a similar court battle.


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Ndianabasi Tom
Ndianabasi Tom
Ndianabasi Tom joined the crypto and blockchain industry in late 2018. He is an all-rounded crypto journalist and content writer. At TimesTabloid, he covers the industry's latest news, developments, and other educational content. He is a graduate of Petroleum Engineering. ([email protected])
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