The crypto market is still seeing the swings of the prevailing crypto winter, particularly XRP. Most assets have not been impressive in their price movements. According to data from CoinMarketCap, the crypto market has accumulated the market capitalization raised to approximately $812.00 billion. That indicated a 0.88% drop over the past 24 hours.
With the bearish market trend, XRP is among the assets that have lost value. The price drop has attracted crypto whales. They have moved millions of XRP tokens to various crypto exchanges.
Whales show interest in XRP
According to WhaleAlert, an on-chain data provider, there have been multiple transactions involving XRP. Crypto whales have been recorded transferring around 385 million XRP to crypto exchanges within 24 hours. The accumulated tokens are worth nearly $131 million at current market prices.
The data provider noted that alongside the most significant single transaction, many whales had moved around 70 million XRP tokens to multiple crypto exchanges. The value is about $25.6 million. The report showed that most transfer transactions were made on Bitstamp and cost $10.1 million. Additionally, one of the whales moved about $11.8 million worth of XRP tokens to crypto exchange Bitso.
In addition, an unknown crypto whale is said to have bought up to 35.1 million XRP tokens. The transaction took place during this current XRP price drop by the Bitso exchange. As a result, the whale accumulated about $11.8 million worth of Ripple tokens.
Notably, the largest single transaction by a whale, as recorded by the data provider, involved a transfer of over 280 million XRP tokens. The tokens are worth nearly $95.4 million.
XRP token continues to drop
Ripple’s native token hasn’t made an unusual move lately. Instead, XRP is down nearly 12% over the past 30 days.
During today’s early trading hours, XRP is down 3%. At the time of writing, the token is trading at $0.3364. Also, XRP saw trading volume of around $691.2 million in the last 24 hours. Its market cap now stands at $16.93 billion, keeping the token 6th in the CoinMarketCap ranking of crypto assets.
XRP continues to fall on the daily candle l XRPUSDT on Tradingview.com
The price trend for XRP still has some elements of instability and uncertainty. Keep in mind that XRP has shown some volatility over the past three days as the price climbed to around $0.35. The coin showed considerable bullish presence through its price action. However, XRP still failed to sustain the recovered value as the token fell to the $0.33 level.
A recent report revealed that Ripple’s case at the SEC could take even longer. Seven days ago, Ripple CEO Brad Garlinghouse estimated the lawsuit could last another 3 to 4 months but should end in Q1 2023. With the lawsuit heavily linked to XRP, analysts are predicting a turn in a positive direction.
Source: Crypto News Deutsch