Crypto Whales Scoops 150 Million XRP As XRPL Drops New Proposal

XRP News: Ripple’s native token, XRP is riding on an upward trend backed by an anticipated win in the U.S. Securities and Exchange Commission (SEC) lawsuit. However, the latest development taking place on XRP Ledger (XRPL) is also motivating crypto whales to accumulate more XRP tokens.

Also Read: Ripple Win Against US SEC Might Upgrade Howey Test For Crypto

XRPL’s Hooks Reason Behind XRP Whale Accumulation

Ripple in a tweet mentioned a new proposal on the XRPL named Hooks. It stated that Hooks is a proposal that will add smart contract like functionality to the XRP ledger. It will be a layer one custom code deployed in order to influence the behavior and flow of transactions.

It added that Hooks are small yet efficient pieces of code defined on an XRPL account which will allow logic before and/or after XRPL transactions.

As XRPL announced its new Hooks proposal, crypto whales seem to pick a pace in accumulating more XRP tokens. Data provided by WhaleAlert depicts that more than 146 million XRP (approx worth $77 million) have been added by whale addresses in multiple transactions in the last 24 hours. Read More XRP News Here…

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However, the biggest accumulation transaction recorded by the tracker has been on adding 50 million XRP (approx worth $26 million) from the Crypto exchange CryptoCom. Adding on Crypto Whale has added $51.4 million worth of XRP from CryptoCom only. However, Crypto Whales added 23.4 million XRP (approx worth $12.1 million) from the crypto exchange Binance.

On the market side, XRP price has managed to surge by 43% in the last 30 days. This has been the 2nd highest growth by any token in the top 10 rankings after Bitcoin (BTC). XRP is trading at an average price of $0.522, at the press time.