Why These Major Crypto Wallets Acquired Over 100 Million XRP In Last 24 Hours

Christian Encila

2 years ago

3 mins read

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XRP seems to have fallen short in capitalizing on the procedural wins that Ripple has gained from its ongoing legal battle against the SEC.

Although the asset managed to increase by almost 2% over the last 24 hours, it is still down by 1.6% over past week.

On a 14-day and 30-day period, the crypto is staring at losses of 5.3% and 7%, respectively. On a year-to-date basis, the 6th largest digital currency in terms of market capitalization has declined by 58.1%.

The asset continues to deal with price dumps as it is trading at $0.459 according to tracking from Coingecko.

Whales seem to be buying the XRP dip as they try to accumulate millions worth of the token.

Major Wallets Hoarding Over $48 Million In XRP

Over the last 24 hours, while the crypto space was busy with its apparent bullish run that made almost all of digital assets increase their trading prices, major wallet addresses have also been busy accumulating large number of XRP coins.

According to information shared by tracker Whale Alert, during the time frame, 105 million XRPs were added to major wallets.

Among the whale activities, the biggest one was $25.8 million worth of transaction that involved the Bitstamp crypto exchange.

Whale Alert, however, also shared that 100 million units of the altcoin worth around $45.4 million were moved from a wallet named “Ripple” to an unknown digital address.

In fact, while the crypto space was in the midst of extended bearish momentum, over 205 million XRP have found their way in unidentified wallets.

Ripple Labs Secures ‘Crucial Document’ In SEC Lawsuit

The SEC recently complied with a court order that demanded the release of documents that pertained to a 2018 speech made by former SEC Finance Director William Hinman.

Hinman, in that particular speech, reportedly said Ethereum, a fellow altcoin of XRP, was not a security. This is believed to undermine SEC’s case against Ripple Labs as it revolves around the company’s alleged sale of its XRP token which the regulating office considers as “unregistered security.”

The firm’s legal team believes this development gave them the victory in the legal battle that’s been going for almost two years now.

While there are no direct links between this and the recent whale activities that involved XRP, it makes sense to think that large investors are beginning to accumulate as much token as they can while prices are still low.

This is in anticipation of the supposed price rally that XRP will make once Ripple Labs emerges victorious in their ongoing court battle.

XRP total market cap at $23 billion on the daily chart | Featured image from Kriptokoin, Chart: TradingView.com

Disclaimer: The analysis is based on the author's personal knowledge and should not be construed as investment advice.

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.