An altcoin made a spectacular rally as the cryptocurrency market struggled with harsh winter conditions. That altcoin was Ripple (XRP), which was in trouble with the SEC. While these were happening, anonymous wallets carried 185 million XRP. So what’s behind this?
185 million tokens of this altcoin project are in motion
Crypto whale watching service Whale Alert has found that a total of 185 million XRP has been transferred in the past 24 hours. These transfers amounted to three major crypto transactions. Also, half of this transfer amount was in a single transfer. By the way, as you follow on Kriptokoin.com, the Ripple-linked token is doing very well. It’s rising before a possible Ripple win over the SEC in court.
Whales swapped three crypto stacks holding 95,000,000, 60,000,000, and 30,000,000 XRP tokens. Deep pocket holders made these transactions between Bittrex, Bitso, BitGo and Bitstamp accounts. Ninety-five million XRP was the only transfer made internally by a crypto exchange here. This transaction also belongs to South Korea’s Bithumb. The general equivalent of XRP transferred here is $ 95.4 million.
Sharks and whales accumulating since late 2020
As data aggregator Santiment reported earlier today, active XRP investors holding from 1 million to 10 million XRP have been accumulating massive amounts of XRP since the end of 2020. These whales were selling heavily until November 2020. However, they chose to make a pivot later on. Now there is optimism about a possible victory for Ripple against the SEC in the legal arena. In this environment, XRP/BTC rose to the highest level of the year at the price level of 0.000025. Santiment shared:
The price ratio of XRP/BTC has reached a one-year high of 0.000025 as optimism continues with the SEC about a potential Ripple settlement. Active shark and whale addresses holding between 1 million and 10 million XRP have been in an accumulation pattern since late 2020.
According to CoinMarketCap data at press time, XRP has gained 2.10% in the last 24 hours. The altcoin has gained over 38% on a weekly basis. Meanwhile, the market is dominated by a red hue, including the leading crypto Bitcoin. Despite this, XRP made a significant move in the bear market, outstripping its competitors. Ranking 6th in terms of market cap, XRP was trading at $0.466 at the time of writing.