XRP News: The digital asset market on Friday woke up to see red indexes due to the mounting compilation for the Silvergate Capital. Ripple’s native crypto, XRP which is being claimed as a security by the US SEC, registered a price dump with the other major altcoins. However, it looked like the crypto whales are still trying to slide more XRP amid the increased volatility.

Whales On Dumping XRP Spree?

As per the data provided by the WhaleAlert, More than 290 million XRP tokens (approx worth $106 million) were shuffled by the whales in multiple transactions. However, the single largest transaction recorded by the tracker has been of moving around 140 million XRP (approx worth $53.4 million) from an unknown wallet address to another.

As we dig in, Whale addresses can be seen moving around 75 million XRP (approx worth $28.5 million) were moved to several crypto exchanges in order to dump. A whale went on to shift $16.37 million worth of 43 million XRP tokens to the Bitstamp crypto exchanges. Read More XRP News Here…

Ripple On A Lossing Streak?

On the market side, XRP price has been on a constant decline over the past 30 days. XRP price is down by almost 9% in the same period. It is the third largest loser among the top 10 crypto assets. However, Ripple’s native token’s price has surged by 8% on the year to day (YTD) basis despite facing the legal battle launched by the US SEC.

XRP price is down by over 3% in the last 24 hours. It is trading at an average price of $0.365, at the press time. Its 24 hour trading volume has spiked by 21% to stand at $1,08 billion.

However, whales went on to utilize this XRP price dump. The biggest whale accumulated around 75 million XRP (approx worth $28.7 million) in multiple transactions.

The post XRP News: 290 Million XRP Moved Amid Price Dip; What Are Whales Planning? appeared first on CoinGape.

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Filed under: News - @ March 3, 2023 10:22 am