XRP Records Highest Single Day Whale Accumulation Since Ripple’s Partial Victory Over SEC
February 02 2024 - 10:30AM
NEWSBTC
Market intelligence platform Santiment recently revealed how XRP
whales look to be going all in on XRP following significant
purchases of the crypto token. Notably, these buys are said to be
the most since Ripple’s partial victory over the Securities and
Exchange Commission (SEC). XRP Records 217 Whale Transactions
Santiment stated in an X (formerly Twitter) post the XRP Ledger
processed 217 ‘$1 million whale transactions’ on the network on
January 31. This happens to be the most transactions of such
magnitude recorded in a single day since Judge Analisa Torres ruled
that XRP wasn’t a security in itself last year July. Related
Reading: Bitcoin To $5 Million? S2F Model Predicts When This Will
Happen Just like Santiment noted, such an occurrence has the
potential to impact XRP’s price positively. XRP had risen to as
high as $1 on the back of Judge Torres’ ruling as it strengthened
the conviction of the altcoin’s holders, who then decided to double
down on their investments. If such a similar scenario plays out
again, then XRP is expected to experience price surges soon
enough. The market intelligence platform also added that some
key signals indicated that XRP was “one of the better candidates
for a bounce, assuming Bitcoin Bitcoin can stabilize the rest of
the week.” The altcoin had dropped below the crucial support level
of $0.5 following Bitcoin’s recent decline. However, it is back
above that level as the market shows signs of recovery.
Meanwhile, despite XRP’s relatively stagnant price action, these
whales do not seem to be worried. Santiment revealed that wallets
holding at least 10 million XRP tokens combined to hold 67.2% of
the available supply, the most since December 31, 2022. Token
price at $0.5 | Source: XRPUSDT on Tradingview.com Binance Freezes
$4.2 Million Worth Of Tokens Binance CEO Richard Teng stated in an
X post that the crypto exchange had managed to freeze $4.2 million
worth of XRP, which was part of the proceeds from the recent XRP
exploit. NewsBTC had reported how there was a breach on the
personal XRP accounts of Ripple’s co-founder Chris Larsen, which
led to the theft of more than 213 million tokens. Related
Reading: Solana Whales Move $82 Million Worth Of SOL, Will Price
Crash Below $90? Teng also mentioned that the Binance team will
help retrieve the remaining funds in any way they can. He added
that they were closely monitoring the majority of the funds in the
exploiter’s external wallets just in case they tried depositing
these tokens to Binance. The exploiter is reported to have
laundered some of these funds through crypto exchanges like MEXC,
Gate, Kraken, OKX, and HitBTC. Featured image from Analytics
Insight, chart from Tradingview.com
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