In a significant development that has sparked enthusiasm within the XRP community, nearly 410 million XRP tokens, valued at over $201 million, made their way to a fresh wallet address from a cryptocurrency exchange on Tuesday. This transfer comes in the wake of a recent decline in XRP’s price, prompting traders to book profits amid a broader crypto market selloff.
As per a transaction report issued by Whale Alert on October 17, a whale executed a transaction involving 409,776,402 XRP tokens, valued at more than $201 million, from the cryptocurrency exchange Bitvavo. The transaction data also unveiled that the receiving wallet address was activated on the same day, raising the possibility of either a new whale entering the scene or a distinct entity increasing its XRP holdings.
Notably, XRP’s journey toward wider global acceptance continues, driven by Ripple Labs’ ongoing legal battles. Their latest triumph involved Judge Torres denying the U.S. Securities and Exchange Commission’s (SEC) motion to file an interlocutory appeal challenging an earlier court order that categorized XRP as not a security. The stage is now set for a trial scheduled for April 2024.
In response to the recent dip in XRP’s value to $0.47, a surge in buying activity by whales and entities has been witnessed. The trading volume has doubled, surpassing $1 billion during the current week.
Furthermore, institutional investors have displayed their confidence in XRP by continuing to invest in it for the 25th consecutive week. This trend emerges as crypto funds experience inflows, bolstered by Ripple’s legal victory against the SEC.
At present, XRP is trading at $0.49, marking a 0.5% increase in the past 24 hours. The 24-hour trading range has been between $0.489 and $0.505. Although the price is currently below a critical support level, the robust trading volume exceeding $1 billion holds the promise of potential upward momentum.