Whale Alert data revealed multiple XRP whale transactions including the accumulation of 30M XRP from Bybit and the transfer of 383.85M coins.
On Wednesday, XRP whales once again took the cryptocurrency market by storm, which is a thrilling turn of events that have taken place at the same time.
Recent data from the blockchain suggests that whales have transferred almost 430 million coins, which has sparked concerns in light of the fact that Ripple co-founder Chris Larsen has previously liquidated XRP in large quantities.
In the meantime, the price of XRP continued to consolidate below the $0.6 level at the time of this publication, which brought extra attention to the large-scale cryptocurrency transactions.
Over the course of the previous twenty-four hours, XRP whales moved a total of 431.08 million coins between exchanges and unknown wallets, as indicated by statistics provided by Whale Alert on X.
Each of these transactions, which emerged immediately after the enormous XRP dumps carried out by the co-founder of Ripple, included an accumulation, a dump, and transfers to other wallets that were unknown combined.
XRP Whales Active After Ripple’s Chris Larsen Dumps Coins
According to the information provided by Whale Alert, the unknown address raQxZL amassed thirty million coins from Bybit, with a total value of seventeen and a half million dollars.
Additionally, the well-known address…Rzn was responsible for the dump of 17.23 million XRP, which was valued at $10.16 million, onto the CEX Bitstamp. At the same time, a whopping 383.85 million coins, which are currently valued at $224 million, were transferred from the address ‘r4Sa1S5pip…’ to the address ‘rKUhycGCu1…’
These enormous transactions, in light of Larsen’s XRP dumps have sparked significant discussions among members of the cryptocurrency community.
XRP Price Performance
As a result, the XRP whale transactions generated enough curiosity to attract the attention of market observers.Despite this, the price of XRP remained below the $0.6 threshold, gaining 0.07% while falling to $0.5881.
Both the low and maximum prices for the coin throughout the trading day were reported as $0.5824 and $0.5949, respectively. Furthermore, the asset’s 24-hour trading volume, which is backed by Ripple, increased by 19% to reach $1.07 billion today.
Furthermore, New analysis of the price of XRP substantiates the notion that the cryptocurrency is stabilizing and encountering resistance near $0.60. Coinglass data, on the other hand, showed that XRP’s futures open interest increased by 0.7%, reaching $745.55 million.
Additionally, even the volume of futures experienced a 15.52% increase today, reaching $869.62 million. As a result of this data, market participants have expressed differing opinions about the asset’s potential performance in the future.
In light of new XRP whale statistics, Chris Larsen’s large dumping, and the fact that the SEC’s appeal deadline is drawing closer, traders in the cryptocurrency market continue to keep a close eye on the asset.
To provide some background information, the United States Securities and Exchange Commission has set the deadline for appealing the final phases of the Ripple case, which is set to take place in October 2024.
Former Securities and Exchange Commission (SEC) attorneys Marc Fagel and James Farrell look forward to an appeal by the regulatory body in the next litigation, which indicates that the XRP community will be engaged in additional legal battles.
It is also important to note that XRPL is preparing for a significant upgrade that will increase the amount of RLUSD deployed on the network. All things considered, recent events, both bullish and bearish, have inspired uncertain speculations about the asset’s future price.
