Are Crypto Whales Riding XRP Price Surge?

Ripple’s native crypto, XRP price, and its community has been riding high over the recent development in the crucial SEC Vs Ripple lawsuit. However, crypto whales have been on an XRP accumulation spree utilizing the “Buy The Dip” opportunity.

Whales move 200 mln XRP

As per the data provided by WhaleAlert, crypto whales have managed to move more than 200 million XRP tokens (approx worth $72.6 million) in the last 24 hours. However, XRP price have surged by around 5% in this period.

Crypto whale bought more than 77 million XRP tokens in multiple transactions. Around $27 million worth of Ripple’s native token was bought from Bitso, a crypto exchange in the last 24 hours. However, the largest accumulation transaction recorded has been of adding 44 million XRPs.

Meanwhile, some whales moved their XRP holdings to crypto exchange amid the recent price surge. As per the data, Crypto whales sent 80 million XRP tokens (approx worth $28 million) to Bitstamp. However, a wallet tagged as Ripple moved 50 million XRP (approx worth $17.4 million) to an unknown address. Read More XRP News Here…

XRP price have surged by more than 6% in the last 7 days. Ripple’s native crypto is trading at an average price of $0.3639, at the press time. However, its 24 hour trading volume saw a drop of 3% to stand at $1.1 billion.

Ripple drops crypto 2023 report

Ripple Labs dropped a 2023 crypto report “A Focus on Real-World Utility”. It mentioned that Ripple’s executive predicts that from Non-Fungible Tokens (NFTs) to Central Bank Digital Currencies (CBDCs) will involve their application for real world utility.

It added that they expect to see a general shift in the marketplace. This will be a shift from highly speculative firms to firms that seeks digital asset solutions to solve real-world problems.

2022 saw a horrible collapse of crypto firms like FTX, Celsius, Voyager and Three Arrows Capital. This has led to declining valuations and distressed asset which will present more opportunities for acquisition.