XRP (the Ripple cryptocurrency), has fallen in value significantly due to market turmoil. However, this fall has attracted the attention of whales, which has provoked them to buy large volumes of this asset.
Are the whales choosing XRP?
According to the data, the price of XRP has risen 46% in the last 30 days. While major digital assets such as Bitcoin (BTC) and Etherium (ETH) have fallen 4% and 17% respectively in the same period.
On Saturday, XRP slipped slightly, by around 4%. This short-term drop in the price of the asset is what sparked the whale’s interest. According to Whale Alerts, more than 135 million XRP coins have been redeemed from cryptocurrency exchanges to several unknown wallets. So, in just 24 hours, whales bought more than $66 million worth of XRP. The largest transaction recorded by the tracker was more than $19.1 million. The transaction was conducted by cryptocurrency exchange Bitstamp. It is worth noting that another 86 million XRP coins were purchased by Whale from the same exchange.
Whale Alert researchers also reported that about 122 million XRP were moved from one unknown wallet to another. At the same time, XRP worth $10.7 million was moved from the whale wallet to the aforementioned Bitstamp exchange for sale.
Are things getting better for Ripple?
XRP is trading at an average price of $0.48. Trading volume is down 52% in 24 hours to $1.02 billion. Despite a lengthy legal battle with the SEC, Ripple has managed to remain in the top 10 list of digital currencies. XRP has a market capitalisation of $24 billion.
It is worth noting that despite all the difficulties, the protracted litigation has played to the project’s advantage. As all these developments have caused investors to pay close attention to XRP.
