The Ripple Vs. SEC legal battle has been creating tension for XRP as the court sittings could end this year. The CEO of Ripple has been optimistic that the lawsuit could end earlier in 2023. However, the Ripple native token XRP has been trying to weather the storms of the case and the bearish crypto market.
But despite the recent dips in XRP prices, crypto whales have continued to show more interest in the token. An on-chain data provider Whale Alert reported millions of XRP tokens recently moved by some crypto whales.
Whales Perform Multiple Transactions Involving XRP Tokens
According to the data provider, the single largest transaction involving XRP tokens is a transfer of 160 million XRP coins between two unknown wallets on January 27. According to the current crypto market prices, the tokens are worth over $65.53 million.
🚨 🚨 🚨 🚨 🚨 🚨 160,000,000 #XRP (65,533,398 USD) transferred from unknown wallet to unknown wallethttps://t.co/USsWzZuPhF
— Whale Alert (@whale_alert) January 27, 2023
Also, Whale Alert recorded a transfer of 39,500,000 XRP from Bitso to an unknown wallet. The transaction occurred on January 26, and the tokens are worth $16.2 million. Other notable transactions involving XRP tokens include a transfer of 30 million XRP coins worth $12.41 million from an unknown wallet to Bitso. Also, another whale moved 33 million XRP tokens worth $13.65 million to Bitstamp from an anonymous wallet.
With multiple transactions from the whales, data indicated that they dumped up to 100 million XRP worth $32 million to several exchanges within the past 24 hours.
Bitstamp crypto exchange seems to have received the single most significant transfer of 36 million XRP coins worth almost $15 million. Cumulatively, Bitstamp received a total transfer of 69 million XRP tokens worth $28 million over the past 24 hours.
Additionally, data from Whale Alert indicated that whales are accumulating XRP amid its price dip. For example, a whale bought about 30 million XRP tokens worth $12.19 million from Bitso. Also, another purchased 40 million XRP worth almost $16.2 million recently.
Possible Price Surge For XRP In Future
XRP has gained some popularity recently in the crypto industry. One reason could be its prolonged lawsuit with the US Securities and Exchange Commission (SEC). The regulator sued Ripple Labs and some of its executives in December 2020, and the case has followed some dramatic flow since then.
However, XRP has been able to hold its ground in the crypto market despite the legal battle. Data from CoinMarketCap shows that XRP ranks in the 6th position in terms of market capitalization, which is currently at $20.72 billion.
At the time of writing, XRP is trading at $0.410, indicating a drop of 0.65% over the past 24 hours. The 24-hour trading volume for the token is $801,429.074.
Regarding social dominance, XRP has shown a strong disposition with increasing news about the crypto asset due to its lawsuit with the SEC.
Featured Image From Pixabay/ vjkombajn, Charts From Tradingview