The cost of XRP, Ripple's native asset, has soared during the past month. The current price spike was supported by the significant wins in the SEC v. Ripple litigation. However, the market's increased selling pressure did result in a little decline in XRP prices. This step has made it possible for the crypto whales to expand their XRP holdings.
Increased selling pressure in the cryptocurrency market.
Over the past month, the price of the native coin of Ripple, XRP, has skyrocketed. The crucial victories in the SEC v. Ripple litigation served as support for the most recent price increase.
The market's heightened selling pressure did cause a modest fall in XRP prices, though. The crypto whales' ability to increase their XRP holdings has been made possible by this action.
Buying binges by whales?
198 million XRP tokens have been traded by cryptocurrency whales in the last day, according to Whale Alert.
According to data, over 129 million XRP tokens—worth about $59.56 million—have been added by whales in the last day. Multiple transfers from the Binance cryptocurrency market involved XRP tokens worth more than $31 million.
The whale tracker has, however, identified a move of 60.92 million XRP tokens as the highest transaction. On the Bitstamp cryptocurrency platform, a whale wallet added XRP worth $28.4 million to its wallet.
An earlier report from CoinGabbar stated that whales went on a buying binge and added more than 200 million XRP to numerous wallets. When the Whale buildup occurred, the court had recently reversed significant judgements in Ripple's favour.
Are there any upcoming XRP-positive news stories?
Over 67.5 million XRP tokens have also been transferred by Whales from the FTX cryptocurrency platform to Binance. The likelihood of a subsequent price increase may have contributed to this trend.
In the previous week, the price of Ripple's XRP token fell by more than 3%. Its cost appears to have been fixed at or below $0.45. At the time of writing, the price of XRP is currently trading at an average of $0.4535.
Its daily trading volume, which was $1.15 billion before, has decreased by more than 18%. Nevertheless, over the previous 60 days, XRP has been among the most profitable tokens. Over that time, its price increased by more than 38%.
Will this helps for XRP rate to go up in long run?
