The recent development in the key SEC Vs. Ripple litigation has been good for the price of XRP, the native cryptocurrency of Ripple, and its community. But cryptocurrency whales have been frantically acquiring XRP by taking advantage of the "Buy The Dip" chance.
Whales Transfer 200M XRP
Data from WhaleAlert shows that over 200 million XRP tokens, or about $72.6 million, have been moved by cryptocurrency whales in the last 24 hours. However, the price of XRP has increased by about 5% throughout this time.
The crypto whale made multiple purchases totaling more than 77 million XRP tokens. The native token of Ripple was purchased from Bitso, a cryptocurrency exchange, in the previous 24 hours for over $27 million. The highest accumulation transaction, however, was the 44 million XRP addition.
In the midst of the current price increase, some whales transferred their XRP holdings to cryptocurrency exchanges. According to the statistics, crypto whales paid Bitstamp 80 million XRP tokens, or almost $28 million, in total. But a Ripple-branded wallet sent 50 million XRP (about $17.4 million) to an unidentified destination.
In the last seven days, the price of XRP has increased by more than 6%. At the time of publication, Ripple's native cryptocurrency was trading for an average price of $0.3639. Its 24-hour trading volume, however, fell by 3% to $1.1 billion.
Crypto Report Dropped by Ripple
The 2023 cryptocurrency report "A Focus on Real-World Utility" was released by Ripple Labs. It was stated that a senior official at Ripple believes that the transition from Non-Fungible Tokens (NFTs) to Central Bank Digital Currencies (CBDCs) will involve their use for practical purposes.
They continued by stating that a general shift in the market is anticipated. There will be a movement from businesses that are very speculative to businesses that look for ways to use digital assets to address real-world issues.
Crypto companies including FTX, Celsius, Voyager, and Three Arrows Capital had a terrible crash in 2022. Declining valuations and distressed assets as a result have created more acquisition prospects.
