As the price of the coin rises significantly, Whale Alert has continued to share information about significant XRP movements. High net worth cryptocurrency users moved a staggering 109 million XRP in three transactions in an hour. The value of the 109M XRP tokens at the current market rate was $40.67M.
Transactions in Detail
In the initial transaction, an unidentified whale transferred 40 million XRP ($15 million) from an anonymous wallet to a Bitstamp address.
A short while afterward, the unidentified whale transferred an additional 28 million XRP tokens worth $10.5 million to a Bitso address in Latin America. Whale Alert saw another large XRP movement in Bitso. The exchange in Latin America observed a Bitso user transfer 41 million XRP tokens ($15.2M) to another address during the same hour-long transaction as the others.
Read article: XRP Trading Volume on Binance Reaches $72.8M in 24 Hours
Ripple Lawsuit Approaches End, XRP Rally Continues
The recent XRP moves coincide with significant price increases for the coin. At the time of publication, the price of XRP is $0.373, up 4% over the previous 24 hours. By market capitalization, the sixth-largest cryptocurrency has demonstrated great market domination. Despite a bad overall market performance, leading market information portal Santiment Feed yesterday announced an increase in the price of XRP.
Santiment reports that while major crypto assets fell yesterday, XRP rose 6.2%. According to Santiment, the rally occurred due to increased XRP’s address activity and social dominance.
In reference to the data provided by Santiment, XRP has a 1.15% social dominance with 136.19k daily active addresses. As the lawsuit between Ripple and the SEC nears its conclusion, XRP has continued to post solid market performance. James K. Filan, a leading defense attorney in the United States, stated that Judge Torres would rule on the summary judgment request on or before March 31, 2023.
Judge Torres is asked to award a summary judgment in favor of each party. It’s relevant to note that leading legal and cryptocurrency experts, like attorney Jeremy Hogan, think Ripple will prevail in its legal battle with the SEC. According to Hogan, Ripple is the Jet Li of the cryptocurrency industry because it has mounted the best defense money can buy.