New Whale Buys 410 Million XRP Worth Over $200 Mln, What’s Happening?
The XRP community gets enthusiastic as almost 410 million XRP worth $201 million moved to a new wallet address from a crypto exchange on Tuesday. The move comes after the recent decline in XRP price as traders book profits amid a selloff in the broader crypto market.
According to a transaction report by Whale Alert on October 17, a whale moved 409,776,402 XRP worth more than $201 million from the crypto exchange Bitvavo. Transaction data revealed that the wallet address is activated today, thus it can be a new whale or an entity buying XRP.
XRP continues to gain acceptance globally after Ripple Labs’ another win in the long-running lawsuit against the U.S. Securities and Exchange Commission (SEC). Judge Torres denied the SEC’s motion to file an interlocutory appeal against an earlier order qualifying XRP as not a security. Now, the trial is set for April 2024.
Read More: Ripple’s 75 Mln XRP Transfer Ignites Curiosity On Its Next Strategic Play
XRP Witnessing Massive Buying by Whales And Investors
Whales and entities are buying XRP significantly after the recent drop in XRP price to $0.47. The trading volume has also doubled to over $1 billion this week.
Moreover, institutional investors have bought XRP for the 25th consecutive week as crypto funds saw inflows amid Ripple’s victory against the U.S. SEC.
XRP price is trading at $0.49, up 0.5% in the past 24 hours. The 24-hour low and high are $0.489 and $0.505. While the price is trading below the support level, the strong trading volume of more than $1 billion shows promise of upside momentum.
Also Read:
- Judge Signs Major Order In Sam Bankman-Fried Lawsuit
- Ethereum Co-founder Vitalik Buterin Moves $15M of USDC to Gemini
- Israel Cracks Down on Crypto Links to Hamas Amid Rising Conflict
- XRP News: mXRP Vault Surpasses $22M as Investors Capitalize on Staking Rewards
- Galaxy Digital CEO Calls Next Fed Chair Bitcoin’s Bull Catalyst, Sets $200K BTC Target
- Experts Claim Bitcoin Crash to $94,334 Ahead As BTC Dominance Rebounds
- Expert Explains Pi Network–Sign Meeting, Says It Could Trigger Binance Listing
- Is Trump Family, Mr. Beast Buying ASTER Token? Rumors Gain Strength
- Solana Price Set for Recovery Amid Wyckoff Accumulation and Canary Capital ETF Filing
- Avalanche Price Could Surge to $50 as Transactions Jump 200%
- CHMPZ Price Prediction:Will This Net-Zero Community Token be the Next Gem?
- Ethereum (ETH) Price Set for a rebound as Whales Accumulate $1.6B ETH and Outflows Hit $622M
- HYPE Price Prediction As Bitwise Files For Hyperliquid ETF – Is $55 In Sight?
- Shiba Inu Price Eyes Recovery From Demand Zone With Burn Rate Soaring Nearly 400%
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
