November 1, 2023

Whales Drive XRP Uptrend Amidst Ripple Lawsuit Optimism

Ethan Lim
Written byEthan LimWriter
Researched byNikos PapadopoulosResearcher

XRP has gained the attention of crypto enthusiasts as whales continue to move XRP, leading to strong uptrend movements.

Whales Drive XRP Uptrend Amidst Ripple Lawsuit Optimism

Significant Transfer of XRP Tokens

On November 1, a significant transfer of over 412.89 million XRP tokens worth $248 million was reported by the crypto tracking service platform Whale Alert. The tokens were transferred from an unknown wallet to an unknown new wallet.

Recent Anonymous XRP Transactions

In the past 24 hours, many whales have moved XRP tokens to anonymous wallets. Some of these transactions were accompanied by escrow unlocking from Ripple-linked wallets. One transaction unlocked 400 million XRP tokens worth $239 million, while another unlocked 100 million XRP tokens valued at nearly $59 million. Additionally, Ripple also made a transaction of 50 million XRP tokens (valued at $29,870,608) to an anonymous wallet.

Ripple's Lawsuit and Investor Sentiments

The recent transfers suggest that XRP will continue to derive support from ongoing optimism regarding Ripple Labs' lawsuit against the SEC. This positive sentiment is pushing investors to hold a bullish approach towards the Ripple XRP market, anticipating rapid progress.

Speculation and Whales' Accumulation

However, there is speculation within the crypto community about a potential link between one of the anonymous wallets and Ripple Labs. These consecutive transactions highlight a trend where whales are accumulating millions of XRP tokens on a regular basis.

Current XRP Price and Market Data

As of now, XRP is trading at $0.59968864 with a 24-hour trading volume of $1,738,778,807. The price has experienced a -1.01% decrease in the previous 24 hours. XRP's live market cap is $32,119,628,590.

About the author
Ethan Lim
Ethan Lim

Ethan Lim, a native of the Lion City, is Singapore’s rising star in the domain of online casino guide localization. He masterfully blends his intimate knowledge of local culture with international gaming standards to produce content that resonates deeply with Singaporeans.

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