Crypto Whales Move 351 Mln XRP; Buys Price Dip

XRP, Ripple’s native crypto has been riding high over the positive outcomes from the vital SEC lawsuit. However, the recent FTX collapse has shocked and left the crypto market tumbling. This event has allowed the crypto whales to buy the dip.

Positive XRP news leading whale buying?

According to Whale Alert data, Crypto whales have gone on an XRP buying spree. The biggest crypto whales have moved more than 351 million XRP in the last 24 hours.

Whales accumulated 112 million XRP tokens in multiple transactions. The cumulative accumulation is worth around $42.6 million. However, the biggest accumulation transaction recorded has been of adding $16,06 million worth of XRP.

Data depicts that more than $31.2 million worth of XRP tokens were moved from the Bitstamp crypto exchange to some unknown wallet. Meanwhile, the tracker has recorded another major XRP shifting transaction. A whale moved 239 million XRP tokens (approx worth $90.9 million) to an unknown wallet.

XRP prices have dropped by more than 18% over the past 30 days. It is trading at an average price of $0.379, at the press time. Its 24 hour trading volume is also down by 32% to stand at $801.3 million.

However, XRP is still the most profitable investment among the top 10 cryptos in the span of the last 7 days. XRP prices are up by over 3% while Bitcoin and Ethereum prices have dropped by 1% and 3%, respectively.

Ripple making expansion moves

Coingape reported that Ripple is planning to file an E-Money license in Ireland. The blockchain firm is seeking regulatory approval in the Republic of Ireland to enter the European market.

However, the first USD stablecoin was launched on the XRP ledger. Stably, a leading Seattle-based Web3 startup has announced they have pegged $1 stablecoin on XRPL.