Crypto News– On Tuesday, the XRP community witnessed an exciting development as nearly 410 million XRP, valued at $201 million, were transferred from a cryptocurrency exchange to a new wallet address. This move occurred in the wake of a recent decline in the XRP price, prompting traders to secure profits amidst a broader crypto market selloff.
Significant XRP Acquisition: New Whale Invests 200+ Million Dollars in 410 Million XRP
According to a transaction report from Whale Alert on October 17, a substantial holder moved 409,776,402 XRP, exceeding the $201 million mark, from the cryptocurrency exchange Bitvavo. Transaction data revealed that the destination wallet address became active on the same day, raising the possibility of a new whale or entity entering the XRP market.
XRP’s global acceptance has been on the rise, further fueled by a recent legal victory for Ripple Labs in its protracted lawsuit against the U.S. Securities and Exchange Commission (SEC). Judge Torres rejected the SEC’s motion to file an interlocutory appeal challenging a prior ruling that classified XRP as not being a security. As a result, the trial is now scheduled for April 2024.
Large-Scale XRP Accumulation by Whales and Investors on the Rise
In the wake of the recent XRP price dip to $0.47, both whales and various entities have been significantly increasing their XRP holdings. Trading volume has also surged, doubling to over $1 billion for the week.
In addition to this, institutional investors have continued their steady accumulation of XRP for the 25th consecutive week, with crypto funds experiencing inflows. This trend has been spurred by Ripple’s recent legal victory against the U.S. SEC.
As of now, XRP is trading at $0.49, marking a 0.5% increase over the past 24 hours. The 24-hour trading range has seen a low of $0.489 and a high of $0.505. Although the price is currently below a key support level, the robust trading volume surpassing $1 billion indicates the potential for upward momentum.
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