Whale Transfers 24 Mln XRP Amid Price Jump, What’s Next?
A Whale transfer of 24.2 Mln XRP, equivalent to $14 million has been recorded by Whale Alerts. The tokens have been transferred from an unknown wallet. The transfer was made to the renowned cryptocurrency exchange, Bitstamp.
XRP holders are speculating the surge could lead to a potential alteration in XRP price. The wallet address with the initials D6B4A moved the funds within 12 hours ahead of the crypto market rally. The total gas fee charged was a mere 0.000015 XRP.
XRP Whale Accumulation Spikes Amid SEC Lawsuit
Recent data shows that whales are continuously moving and accumulating XRP. XRP holders and investors are speculating a $0.70 jump as the Bitcoin bull market enhances.
Recently, XRP lawyer John Deaton gave an insight into the Ripple vs SEC case. Deaton alleges that SEC lawyers, including Jorge Tenreiro, falsely depicted him as a disgruntled XRP holder. Contrary to their claims, Deaton asserts making substantial profits from XRP when the SEC filed the lawsuit on December 22, 2020.
Deaton cleared that at that time, XRP constituted his smallest investment among three tokens, with BTC and ETH being the primary holdings. Deaton made his remarks in response to reports of additional SEC legal issues.
The current stagnancy in the XRP vs SEC lawsuit is not making any price hypes. Investors and holders are closely monitoring the ongoing developments to gain profits.
Also Read: Best Crypto To Buy Now On December 4- LUNC, LUNA, ORDI
XRP Price Jumps More Than 3%
With the ongoing Bitcoin bullish rally, XRP follows the path as well. At the press time, XRP price was trading at $0.640342, marking a 3.31% surge in the last 24 hours and a substantial 5.96% increase over the past week. The 24-hour trading volume stands at an impressive $1,248,899,754.73.
Fundamentally, the XRP whale accumulation could be attributed to Zodia Custody joining the Metaco network. Metaco is a Ripple-owned institutional-grade custody company. While Zodia Custody is an FCA-registered institution-first digital asset custodian by Standard Chartered and Northern Trust.
Technically, the recent Bitcoin price rally to $41K also triggered top altcoins to surge. According to Macroaxis, Bitcoin and XRP have a 0.91 Pearson’s correlation which is almost linear. This signifies that if the Bitcoin price elevates, it can indirectly cause the XRP price to elevate as well.
Looking at the recent developments in the XRP ecosystem, the price jump is looking fair and not derived from any FOMO or FUD. Investors are advised to keep monitoring the price fluctuations.
Also Read: Cardano (ADA) Price Rises With Soaring Transactions Signaling Institutional Interest
- Trump-Backed World Liberty (WLFI) Plans RWA Tokenization Paired with USD1 Stablecoin
- Stripe Eyes U.S. Banking Charter, Pioneers One-Click Stablecoin Issuance for Firms
- Breaking: Metaplanet Expands Treasury With 5,268 BTC Purchase, Climbs to 4th Largest Holder
- BREAKING: Nasdaq Files with US SEC to List BlackRock Bitcoin Premium Income ETF
- Mr Beast, Whales Buy ASTER Token Amid 20% Crash, What’s Next?
- XRP Price Outlook After Ripple CTO David Schwartz Resigns
- SUI Price Eyes $4.5 as Coinbase Futures Listing Sparks Market Optimism
- Chainlink Price Holds $20 Support Amid Tokenization With DTA Standard Progress – Is $47 Next?
- Analyst Predicts Dogecoin Price Surge as DOGE ETF AUM Hits $20M
- Ethereum Price Eyes $8,600 As Institutions And Whales Double Down
- Dogecoin Price Prediction – Chart Set-Up Highlights Perfect Buying Opportunity With Outflows Backing $0.45
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.
