Major altcoin whales transferred $10.98 million worth of XRP in just four transactions. However, this is not the only positive news that is driving the XRP price.
Altcoin whales transferred 226,378,630 million XRP
Whales continue to collect massive chunks of XRP. The data provided by Whale Alert has observed the movement of hundreds of millions of Ripple in the last 24 hours. The transactions were made by anonymous whales. In the last 24 hours, anonymous whales transferred 226,378,630 million XRP worth $180.77 million. Whale Alert observed the movement of 26 million XRP ($10.98 million) from an anonymous wallet to Ripple’s ODL partner Bitstamp.
Also earlier today, a total of 60.38 million XRP flowed from Bitstamp to an anonymous wallet. The funds were valued at $27.11 million at the time of the transaction.
An anonymous whale transferred 60 million XRP to the Bitstamp exchange a few minutes later. It is worth approximately $26.94 million in funds.
A Ripple whale also moved a large amount of XRP from FTX to an anonymous wallet earlier today. According to blockchain data, the anonymous user has withdrawn a total of 80 million XRP from the exchange. The funds were valued at roughly $35.56 million.
Whales aren’t the only positive news for Ripple
There are many developments that have kept Ripple and XRP on the agenda lately. The latest whale transactions above are the latest in a string of purchases throughout the week. However, the Ripple and SEC case is gaining positive strength in the crypto direction. The catalyst for last week’s over 40% XRP rally was directly related to the lawsuit.
David Gokhstein, a former US politician, took to Twitter to highlight the importance of Ripple’s win. Ripple is the company behind the XRP token. Therefore, the outcome of the SEC and Ripple lawsuit raises the altcoin’s potential for a price rally. Gokhstein voiced his bullish outlook on XRP and said:
I want to hit the buy XRP button.
Latest from Ripple-SEC case
Brad Garlinghouse, CEO of Ripple, is optimistic about the SEC and the Ripple case. The executive argues there is enough evidence for a judge to decide without a jury whether XRP is a security. Garlinghouse says the submission of both motions by the SEC and payments giant Ripple is enough for Judge Analisa Torres to make a decision. Garlinghouse believes the facts of the case are indisputable, and during his appearance on Fox Business, the Ripple CEO shared his conviction with the XRP investor.
Former US congressional candidate Gokhstein believes that if Ripple gets a win, it could affect the flawless uptrend of the entire cryptocurrency market. The decision on the SEC’s appeal is still pending, with Judge Torres to rule on the expert motions and summary judgment on or before March 31, 2023.
FXStreet technical analyst Tony Montpeirous has determined that the XRP price has invalidated the triangle-looking consolidation pattern. Tony argues that the RSI shows that Ripple is auctioning off a firm line in the sand for a bull market correction. Therefore, a bearish outlook in XRP could be problematic. The analyst predicted that XRP price would rise to a new high near the $0.61 level in the short term.
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