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XRP Whale Alert: Over 600 Mln XRP Tokens Moved As Price Dips

XRP Whale Alert: Ripple’s native currency XRP has a long way to become the global reserve currency as the company must first overcome its major legal hurdle with SEC. While the crypto community impatiently waits for Ripple vs SEC lawsuit to end, the XRP whales are making their moves. Even if the significant XRP price is still recording the swings of the prevailing crypto winter.

XRP Whale Alert: Move Over 600 Million Tokens

As of now, XRP is among the major cryptocurrencies that have lost value. Hence, the current price dip is one of the main reasons that has attracted crypto whales. According to WhaleAlert, an on-chain data provider, XRP whales have transferred about 628 million tokens in several transactions.

Notably, the two largest transactions from these whales, as recorded by the data provider, were the total sum of 485,000,000 XRP (worth $183,164,516) from private wallet addresses to other different and unknown wallet addresses.

Whale Alert also noted that besides the two most significant transactions, many whales had moved about 110 million XRP tokens to Bitstamp, a crypto exchange. In the last transaction, a crypto whale moved 33,000,000 XRP tokens worth 12,598,136 from Bitso, a crypto exchange, to an unknown wallet.

XRP Price Continues To Plummet

At the time of writing, the XRP price was hovering around $0.3761, indicating a marginal drop of 0.05% over the past 24 hours. However, the one-day trading volume for the token is $843,860,067, surging more than 80%. According to CoinMarketCap, XRP ranks in the 6th position in terms of market capitalization, which is currently at $836,880,130.

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The price trend for XRP is still showing instability and uncertainty. Recall that over the past 30 days, XRP indicated slight volatility as the price dropped more than 8%. Although, if XRP rebounds off $0.40, the bulls might take another chance to overcome the barrier at the resistance line.