In recent transfers, XRP whales have accumulated nearly 110 million coins, and the price has recently risen above $0.53. The whales’ substantial holdings are a sign of growing market interest in the cryptocurrency. In addition, concerns about a settlement in the Ripple vs. SEC lawsuit are accompanying the skyrocketing prices and market interest.
XRP Whales Have Amassed 110 Million Coins
According to on-chain transaction tracking company Whale Alert, XRP whales have recently accumulated nearly 110 million coins. Whale Alert reported that an unknown wallet address, “rhWj…LQkK,” accumulated over 39 million bitcoins, worth $20.44 million.
Wallet addresses “rfQ9…8Cvi” and “rarG…bZKk” kept around 36 million and 34 million coins, separately, in the other two exchanges. Notably, among other cryptocurrency exchanges, Binance is the dominant participant. All these recent transfers came from Binance.
But amid accumulation, there has also been a recent sell-off that has worried investors. According to Whale Alert, a whale sold about 28 million XRP to Bitstamp. Many see this as an opportunity to make profits, which traders often take advantage of.
Meanwhile, the significant growth accompanied by recent price increases shows growing market interest in cryptocurrencies.
According to recent speculation, Ripple and the SEC agree. For perspective, the United States Securities and Exchange Commission has announced a closed-door meeting on July 18, leading to speculation in the market. A section of market analysts and the XRP community expect the conference to be focused on finding a solution to the Ripple.
July 13 was also a significant date for Ripple. Judge Torres’ ruling on July 13, 2023, determined that the XRP is not a security. This year, on the same day, Ripple executives celebrated this ruling.
Meanwhile, the rumors have led to a sharp increase in price over the weekend. Interestingly, many analysts are also expressing optimism about the cryptocurrency’s price in the future. For background, cryptocurrency analyst Dark Defender recently predicted that if XRP closes above $0.53 this week, it will eventually reach $0.6044.
Source: Dark Defender, X
He pointed out that, given the current bullish momentum of the market, it could push the prices even higher to $0.6649. Regarding the XRP/BTC pair, Dark Defender stressed it has already reached its lowest point and expected a reversal.
Source: Dark Defender, X
XRP was trading at $0.5328, up 0.73% from its one-day high of $0.5396. However, its one-day trading volume slumped 42% to $1.53 billion, following a big increase over the weekend.
