Native cryptocurrency of Ripple company XRPhas been attracting attention with its strong whale activities lately. In particular, news of the SEC’s appeal of Judge Torres helped spur this activity. The SEC filed a motion with the court, requesting to postpone the deadlines for briefings regarding the resolution process.
The movement of approximately 300 million XRP is being talked about in the broader crypto market, according to Whale Alert. These large transfers showed that a significant amount of assets were moving between two different exchanges.
Additionally, when aligned with derivative data, Ripple The backed token has risen significantly, increasing optimism in the market while also signaling an uptrend.
What Do XRP Whale Transactions Represent?
According to Whale Alert Binance300 million XRP was transferred from yesterday with a value of approximately $167.70 million. This transaction was made by wallet address rPz2qA93Pe…ycJR1N4iNf.
Today, 24.05 million XRP was traded on the same exchange with an average value of 14.07 million dollars. The wallet frequently transfers its assets to exchanges such as Bitstamp and Bitso. This happened after Ripple took strategic stakes in these exchanges.
Meanwhile, as mentioned above, the price of XRP has increased significantly due to the impact of huge whale transfers. However, the whale transfer to Bitstamp did not have any impact on the XRP price.
As reported by Koinfinans.com, the XRP price increased by 4.33% in the last 24 hours and is currently trading at $0.5796. The market capitalization and 24-hour trading volume of the Ripple-backed token also increased by 4.31% and 66.28%, respectively.
XRP rose as high as $0.5955 today, creating further bullish expectations among crypto market participants.
According to Coinglass’ data, there is a 7.13% increase in open interest. On the other hand, there is a 67.12% increase in volume. This derivatives data reflects XRP’s recent rise, indicating a bullish trend in the market. It also appears that it may reflect a sense of frenzy for Ripple after the US SEC postponed the deadline for the resolution process.
