CoinGabbar data suggests cryptocurrency whales bought over 1 billion XRP tokens yesterday. Many transactions transferred $366 million in XRP tokens.
XRP surged by 5% the day before. At publication, Ripple's native coin averaged $0.3426.
crypto whales traded XRP tokens worth $366 million.
The price of XRP, Ripple's native cryptocurrency, has been trading under a lot of pressure over the past few weeks. However, the price of XRP surprisingly rose by 5% on Tuesday as speculation about a possible settlement in the Ripple lawsuit mounted. Additionally, data reveals that crypto whales transacted a sizeable amount of XRP tokens over the course of the last 24 hours.
Data from CoinGabbar shows that cryptocurrency whales have traded more than 1 billion XRP tokens in the previous day. Over many transactions, XRP tokens worth around $366 million were transferred.
The transfer of 500 million XRP tokens, worth about $175,2 million, was the tracker's single largest transaction to date. But data shows that almost $106 million worth of XRP were transferred from an unknown wallet to a Ripple wallet.
A whale sent over 40 million XRP (roughly worth $14.1 million) to the cryptocurrency exchange bitstamp in order to profit on the price surge. View Additional XRP News...
The cost of XRP rose by around 5% over the previous day. The native coin of Ripple was currently trading for an average price of $0.3426 at the time of publishing. However, it barely transacts roughly $1 billion every day. XRP is still valued at over $17.4 billion despite being the subject of an SEC complaint in the US.
Analysts, however, also asserted that whales frequently locked close to 700,000,000 XRP in escrow accounts. Around $246.2 million is the estimated value of the locked native Ripple coin.