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XRP, the digital currency associated with Ripple Labs Inc, has been in the spotlight for the better part of the past week. With a current price of $0.5159, atop a 24-hour gain of 3.67%, the cryptocurrency has remained not just resilient but among the top drivers of growth in the nascent crypto ecosystem over the past seven days.
With its latest show-off, XRP is up by more than 50% in the year-to-date period, significantly pushing ahead of the pack and extending its market valuation to prevent a takeover by Dogecoin (DOGE).
With the latest growth moves, there has been a considerable movement in XRP by market whales as observed by crypto analytics service provider Whale Alerts. According to the insight from the platform, millions of XRP coins have moved hands over the past 24 hours. One of the movements involved the 98,697,364 XRP tokens worth more than $50 million that changed hands from two unidentified wallets some hours ago.
Similarly, over 20 million XRP tokens have been moved from an unknown wallet into Bitstamp, sending in a major worry about what the intentions behind this fund movement are.
🚨 20,000,000 #XRP (10,082,478 USD) transferred from unknown wallet to #Bitstamphttps://t.co/P8XVoR2NSm
— Whale Alert (@whale_alert) April 4, 2023
XRP due for sell-off?
It is not uncommon to find whales and even retail investors sell off their assets after realizing some minor gains following a defined rally.
It will not come as a surprise if the motive behind some of these fund movements is also tied to these plans. However, the community's confidence will be in the widespread embrace of XRP tokens for these potential sell-offs to cause a shift in the price of the asset.
XRP remains a keenly watched digital currency, but many experts are tipping it for immense growth in the near term. With this outlook, we might see more accumulations than sell-offs ahead of summary judgment in the highly anticipated Ripple v. U.S. SEC legal brawl.
Alex Dovbnya
Valeria Blokhina
