Highlights:
- Whales have triggered over 130 million XRP shifts within a three-hour timeframe.
- XRP price showed signs of massive recovery, with a 25.3% gain in its 7-day-to-date data.
- The protracted lawsuit remains XRP’s main price depressor.
XRP whales are grabbing considerable attention following the recent tokens shift spree. According to recent statistics, whales have moved over 130 million XRP within three hours, reigniting hopes of a possible price surge. Notably, the recent XRP transfers coincided with the same period when the broader market appeared to recover. For context, the global crypto market has been up by 4.7% in the past 24 hours with a valuation of $2.429 trillion. Hence, the recently reported whale actions could stem from anticipation of a future XRP boom.
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Meanwhile, contrary to last week when whales reportedly dumped over 70 million XRP to exchanges, the recent transfers will abate traders’ fears. Therefore, it could be the beginning of a significant change in XRP market sentiments, with massive price increment prospects.
Details of the Over 130 Million Tokens Transfer
Like last week’s dumping sprees, Whales Alert also captured the recent token shift trends, reporting them via its verified handle. The report disclosed that whales moved 136,625,967 (136.6 million) tokens valued at about $72.15 million.
Interestingly, the tokens shift occurred via four distinct transfers, with three happening simultaneously at the same time. Notably, these three transactions involved moving XRP from Binance to unknown wallets. On the other hand, the fourth transfer involved shifting XRP from an unknown wallet to an exchange.
The transfers involving XRP shifts from Binance to mysterious wallets occurred on July 14, 2024, at 16:20:22 UTC. The whale investors amassed 38,783,752, 35,937,321, and 33,839,894 XRP valued at approximately $57.22 million. Conversely, the token transfer involving exchange deposits happened on July 14, 2024, at 19:16:31 UTC. It witnessed the shift of 28,070,000 XRP worth about $14.94 million from an unknown wallet to Bitstamp.
🚨 28,070,000 #XRP (14,936,884 USD) transferred from unknown wallet to #Bitstamphttps://t.co/Y293uUOmyl
— Whale Alert (@whale_alert) July 14, 2024
XRP Spikes by 25.3% in its One-Week Variable
Like the global market recovery, XRP has also shown strength with remarkable price actions. According to its market readings, the cross-border crypto asset is changing hands at roughly $0.53, following a slight 0.8% upswing.
In its last 7-day-to-date statistics, XRP registered a 25.3% surge with minimum and maximum prices, ranging between $0.4277 and $0.5555. XRP’s 7-day-to-date price range underscores the tremendous recovery over a short period.
Meanwhile, other relevant statistics disclosed that XRP is the seventh most valuable cryptocurrency with a $29.8 billion market capitalization. Notedly, XRP’s trading volume ranks eighth with an estimated $1.7 billion worth.
Poor Risk Assessment Despite Whales Move Over 130 Million XRP
Despite the massive swing in momentum in its 7-day-date data, data, XRP’s risk assessment analysis seems below par. According to Coincodex, XRP’s price has dropped significantly from the previous year by about 31%.
More worryingly, XRP has only outperformed 5% of the top-performing cryptocurrencies. It is trading below its 200-day Simple Moving Average (SMA) and possesses a yearly 6.08% inflation rate.
Protracted Legal Dispute Hindering XRP’s Price Ascent
XRP’s poor outlook has stemmed mainly from the protracted lawsuit involving Ripple, XRP’s primary distributors, and the U.S. Securities and Exchange Commission (SEC). Therefore, it should not be surprising that the token has failed to appreciate like its peers in the space of a year.
Market participants hope that the recent trends, especially whale accumulations, will become sustainable and drive XRP price spikes. In addition, a final court ruling in Ripple’s favor will also elicit significant price surges.
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