Whale XRP Activity Increases As Ripple's Feud Ends With SEC

The big players started moving the XRP coin. (Photo; Doc. Teknobu)

JAKARTA - XRP is one of the oldest and most popular cryptocurrencies in the world. This currency was created by Ripple Labs as a fast, cheap, and secure cross-border payment solution. XRP serves as a bridge between various fiat currencies and other digital assets.

However, XRP is also facing significant legal challenges from the US SEC, which accuses Ripple Labs of selling XRP as an unregistered securities. The lawsuit has negatively affected XRP prices and liquidity, and caused some crypto exchanges to suspend or remove XRP trading.

Nonetheless, XRP still has a loyal and strong fan base, which believes that this currency has great potential to become a global standard for payments. XRP supporters are also optimistic that Ripple Labs will be able to prove that XRP is not a security and resolve disputes with the US SEC peacefully.

One indicator of this optimism is the increasing activity of crypto "whole"s, namely investors or entities that have a large amount of XRP. Recent data show that crypto "whale" is increasing their ownership of XRP, even as other cryptocurrencies have decreased.

This shows that crypto "whale"s see opportunities to buy XRP at low prices and anticipate future price increases. In addition, crypto "whale" may also want to benefit from XRP token combustion features, which will reduce the number of supplies in circulation and increase the value of each coin.

XRP is currently the fourth largest cryptocurrency by market cap, after Bitcoin, Ethereum, and Binance Coin. The price of XRP has risen more than 42 percent in the past month, hitting its highest level since May 2021. The trading volume of XRP has also increased significantly, reflecting the high interest of traders and investors.

According to data provided by a large cryptocurrency tracker, WhaleAlert, more than 360 million XRP coins worth about US$192 million (equivalent to Rp2.8 trillion) have been transferred by "whale" in several transactions over the past 24 hours.

The biggest transaction recorded by the tracker was moving 100 million XRP coins worth 53.4 million US dollars (equivalent to Rp785 billion) to an unknown address. However, another "whale" was caught moving 95 million XRP coins worth 51.6 million US dollars (Rp773 billion).

The data shows that crypto "whale" has added ownership when the address added more than 146 million XRP worth US$78 million (Rp1.1 trillion) in the last 24 hours. The biggest additional transaction recorded by the tracker added 60.3 million XRP coins worth US$32.3 million (Rp484 billion) from the Binance crypto exchange.

According to a Coingape report, it should be noted that as many as 94.4 million XRP coins worth 50.5 million US dollars (Rp757 billion) have been transferred from Binance to an unknown wallet when the crypto exchange faces legal problems from the CFTC.

Even so, XRP still has challenges and opportunities ahead of it. The trial decision between Ripple Labs and the US SEC will greatly determine XRP's fate in the US and global markets.