XRP (XRP) up 5% as Millions of Coins Shift Hands, Here’s What’s Happening
XRP (XRP) is among the high flyers in the digital currency ecosystem today with a number of unique on-chain transactions flagged for the payment token. The digital currency is currently valued at $0.4006, up 5.3% over the past 24 hours, per data from CoinMarketCap.
XRP’s trading volume is commensurate with the current growth outlook and is up by 15.46% within the same time frame. The bulk of the digital currency’s volume was stirred by a series of perceived whale activities flagged by crypto analytics platform Whale Alert. In one of a series of alerts, a total of 36,400,000 XRP worth approximately $14.5 million was moved from Bitso exchange to an unknown wallet.
🚨 36,400,000 #XRP (14,487,538 USD) transferred from #Bitso to unknown wallethttps://t.co/OipWq9xl8r
— Whale Alert (@whale_alert) February 15, 2023
Other related inflows and outflows to exchanges and private wallets were also flagged in what appears to be targeted custody buy-ups. Besides the Bitso outflow, Bitstamp also recorded the second-highest inflow over the past 24 hours with a total of 35,000,000 XRP coins worth $13.9 million transacted.
The series of buy-ups have helped bump the price of XRP, which is now paring off its losses over the trailing seven-day period.
Ripple v. SEC drain
While the broader digital currency ecosystem has recorded a significant headwind over the past year, XRP has allegedly suffered much more. With the ongoing lawsuit between the United States Securities and Exchange Commission (SEC) and Ripple Labs Inc still ongoing, investors are notably unsure whether or not to back the asset fully.
The current XRP inflows as observed by Whale Alert modeled the healthy balance between buying and selling activities. However, for the current price outlook to be sustained, the buying momentum would ultimately need to exceed sell-offs.
XRP’s current price is at least 89% below its all-time high (ATH) of $3.84, showcasing the potential for more likely growth ahead.