Amid the recent climb in cryptocurrency prices, all eyes are on the whales, or large-scale holders, of XRP, the fifth-largest cryptocurrency. Data analytics firm Lookonchain recently provided insight into the purchase and sale patterns of four significant XRP holders on the Binance Smart Chain (BSC), hinting at the potential for increased selling activity.
According to data shared by Lookonchain, four major XRP whales have shown distinct purchasing habits.
The first, known as "0xf522," accumulated 25 million XRP ($18 million) between April 22 and Nov. 24, 2022, at an average price of $0.43, and has yet to offload any. Meanwhile, "0x513d" picked up 10 million XRP at an average of $0.45 per token and has since deposited 5.4 million XRP ($4.3 million) to Binance following the recent XRP price rally.
The other two whales, tagged as "0x8456" and "0x8bf6," acquired 1.4 million XRP each, at average buying prices of $0.4 and $0.39, respectively. Neither of these large-scale holders has shown signs of selling as of yet. However, with XRP's recent price rise and subsequent downturn, there may be increased selling activity from these and other whales in the near future.
Despite an over 80% leap following a mixed verdict in the Ripple v. SEC case, which led to the U.S. relisting of XRP on Coinbase, Bitstamp and other high-profile exchanges, the cryptocurrency's value slid by 16% to fall under $0.70 once again.
This fluctuation and the ongoing legal uncertainties surrounding Ripple's victory continue to influence investor sentiment. Depending on how the potential SEC appeal of the Ripple decision plays out, XRP whales and smaller investors alike may adjust their strategies in response to evolving market conditions.