XRP, Ripple’s native token has emerged as the biggest gainer over the past week. The recent spike in XRP price has come when the other major cryptos like Bitcoin and Ethereum prices have dropped significantly.
XRP price to surge more?
There are several reasons backing the recent XRP price surge. The whale accumulation of the Ripple token is one of them.
As per the data from Whale Alert, more than 270 million XRP tokens (worth approx $130.2 million) have been sent from different crypto exchanges to multiple unknown addresses in the last 24 hours.
The biggest purchase transaction of 54.1 million XRP was recorded from the Bitso crypto exchange. Whale bought around $27.5 million worth of XRP tokens in a single go.
While whales bought over 84.1 million XRP tokens from the Bitstamp exchange. More than $41.4 million worth of XRPs were added by whales in multiple transactions. Meanwhile, the whale tracker also reported a mega transaction of 132 million XRP (worth approx $62.1 million) sent from an unknown wallet to another.
Why whales are interested in Ripple?
However, the whale accumulation of XRP tokens has spiked since the SEC and Ripple filed their motions for the summary judgment.
According to Santiment, the price ratio of XRP/BTC went on to hit one year high of 0.000025. The recent pump was the result of the latest filings in the case. It added that active addresses holding 1 million to 10 million XRP tokens increased since late 2022.
Earlier, Coingape reported that whales are showing a major transition from Ethereum to the XRP over the past week. This comes after ETH made a historic passage from proof-of-work (PoW) to proof-of-stake (PoS) (Ethereum Merge).
However, XRP price have managed to jump by around 50% over the last week. This is due to the positive sentiment spread in the market regarding the outcome of the case. XRP is trading at an average price of $0.49, at the press time.
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