XRP, Ripple’s native token is on the move as whales have been spotted transferring millions of XRP tokens over the past 24 hours. However, the XRP whale movements are suggesting multiple scenarios from here for the XRP token.
XRP whales send 240 mln tokens to exchanges
Whale tracker reported that more than 672 million XRP tokens have been moved over the past day.
According to Whale Alert, the largest wallets went on to move more than 240 million XRP tokens to crypto exchanges in the last 24 hours. The valuation of these tokens stands around $80 million.
As per the data, 110 million XRP tokens (worth $36.55 million) were sent to the Bitstamp crypto exchange. While $43.16 millon worth of 130 million XRP tokens were transferred by an unknown wallet to the Bitso exchange.
It also mentioned that 300 million XRP tokens are transferred from unknown wallets to different sources. The total valuation of these tokens stands at around $100 million. However, transferring tokens to crypto exchanges suggests that XRP whales might be selling them in order to book the profits.
Meanwhile, whale accumulation has resulted in adding 132.9 million XRP tokens (worth $44.2 million) in multiple transactions. The biggest transaction recorded has been $22.26 million, bought from the Bitso crypto exchange.
Ripple stuck in SEC lawsuit
As the global crypto market registered a slight recovery on Thursday, the XRP token also gained some momentum. However, the token’s growth has been hindered due to the ongoing SEC Vs Ripple lawsuit.
XPR’s price jumped by 3% in the last 24 hours. It is trading at an average price of $0.33, at the press time. However, it is trading down by 91% from its all time high of $3.84. Ripple’s native token 24 hour trading volume stands at 1.07 billion.
On the legal side, the Ripple case is a little bit stuck over the revelation of the crucial Hinman documents. Soon the lawsuit will be entering its summary judgment phase.