Ripple’s native crypto XRP is trading under increased selling pressure as the global crypto market’s decline continues. Meanwhile, comments and rulings stemming from Ripple’s lawsuit have had a direct impact on the price of XRP over the long term. However, Ripple and the SEC are seeking summary judgment in their favor.
Are the whales moving XRP?
According to data provided by WhaleStats, more than 4 billion XRP tokens were moved in multiple transactions. The data shows that approximately $1.5 billion worth of XRP has been moved from the Bittrex crypto market to an unknown wallet. This movement is expected to be related to the positive news about XRP.
The largest transaction recorded by the tracker was to move 500 million (worth approximately $189.3 million) from the exchange.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 500,000,000 #XRP (188,567,188 USD) transferred from #Bittrex to unknown wallethttps://t.co/9R460yZNLT
– Whale Alert (@whale_alert) December 7, 2022
However, the whales bought XRP tokens in large quantities. The whales moved over 143 million XRP tokens in the midst of the price drop.
On the market side, the price of XRP has fallen by 20% in the last 30 days. XRP is trading at an average of $0.378, today. Its 24-hour trading volume is about $900 million. However, XRP still holds a market cap of over $19 billion, despite a U.S. SEC lawsuit.
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