XRP, Ripple’s native token, is in the news again but not related to lawsuits this time. According to Whale Alert, the asset has been involved in a series of whale transactions with three prominent crypto exchanges in the last twenty hours. The crypto analysis site reveals that the platforms transferred approximately 90M XRP to wallets when the token witnessed an 8% rise.
The whale data tracking website stated that Binance, Bithumb, and HitBTC platforms conducted five transactions of about 90M XRP. The fiat value of the moved cryptocurrency equaled approximately $73.M, judging by today’s trading market.
Binance initiated three separate transfers to South Korean Gopax exchange in the sums of 20, 15.6, and 12M tokens, while Bithumb and HitBTC moved around 20 and 21M XRP. The latter sent the tokens to Binance.
Whales Still Buying The Market Dip
In the early hours of Thursday, the eighth-largest asset by market cap rose 7.5 to $0.8362 on the Bistamp platform after the Fed’s announcement on interest rates. However, the crypto couldn’t sustain the momentum, falling back to the $0.8296 level.
Despite the declining movements, whales still purchase the dip. In the last three months, whale wallets that have above one million XRP have risen by 6%. As of the time of writing, the various wallets now hold 3.21B XRP tokens, according to Santiment.
Earlier this week, whale shifted 21M XRP, equaled to $16M at $0.70 to Binance during the market dip. The coins moved from HitBTC to an unknown wallet in Binance. A day before, it was reported that Bithumb and Coinone were involved in shifting 123.7M of the same token. These massive transactions coincided with the spike in activity in various XRP addresses, which suggests the transactions as the probable cause.
Lawsuit With The SEC Still Lingers
Ripple’s case with the SEC will go down as one of the highlights of 2021. Although the S.E.C. filed the lawsuit in late December last year, the case was addressed this year, but not without its back and forth filings.
The lawsuit involved XRP, with the SEC alleging that Ripple Labs, the defendant, was trading XRP as unregistered securities. This lawsuit affected the price of the crypto and made prominent exchanges, such as Coinbase and Binance, suspend digital coin trading.
Despite the intense ongoing battle with the top U.S. regulator, XRP is still up 60% in the entire 2021. The figure is still negligible compared to non-securities assets, such as BTC and ETH. The former is up 147.4%, while ETH is 550%.
Ripple Labs executive Bradley Garlinghouse believes that the firm’s battle with SEC will end in 2022. This offers some hope to traders and investors whose trading accounts were frozen due to the lawsuit.