Whale Alert has reported a significant “accumulation” transaction related to Ripple’s XRP despite a perceived lack of interest in the token.
According to the on-chain analytics platform’s report on Monday, April 29, 2024, an anonymous whale has strategically transferred a precise amount of 23,037,429 XRP tokens (equivalent to $11,550,284 at the time of the report) from the Binance crypto exchange to an undisclosed wallet. This move suggests a deliberate accumulation of the crypto asset, a development that could potentially impact the market.
XRP, the seventh-largest crypto asset by market cap, currently trades at around $0.5069. The coin has been trading in a downtrend, with sellers dominating its market since last month. Following the Bitcoin halving, the asset did not experience a notable price direction but has since been trading in a sideways market, ranging between $0.6413 and $0.4336.
Notably, XRP’s Open Interest (OI) has reduced by 2.12% within the past 24 hours, according to data from Coinanlyze. XRP OI topped $3808.7 million, and its Perpetual Contracts registered $374.5 million.
Whale Alert also revealed that the recipient address is not new to holding whale-sized amounts of crypto assets. The address currently has a portfolio worth over 32.112 million XRP, indicating that whoever is transferring the funds there is expecting to accumulate now that the market is trading at a discount, the platform noted.
Within the last month, the crypto market has experienced a notable downsizing in its value, losing billions of dollars. Leading crypto assets like Bitcoin ($BTC), Ether ($ETH), and Solana ($SOL) saw significant decreases in trading prices, with 19%, 29.99%, and 42.82%, respectively.
Meanwhile, in another development, Ripple, XRP’s issuer, has challenged the United States Securities and Exchange Commission’s (SEC) request to impose a $2 billion fine on it. The firm argued that such a penalty is unjustified and urged the Court to reject the SEC’s demands.
Ripple’s motion is part of a series of concluding briefs expected to be submitted regarding its ongoing legal battle with the U.S. SEC regarding the sales of XRP to institutional and retail investors. The regulator had submitted earlier and is expected to submit its reply brief by May 6, 2024, before the date for the final judgment is fixed.
Disclaimer: This piece is intended solely for informational purposes and should not be considered trading or investment advice. Nothing herein should be construed as financial, legal, or tax advice. Trading or investing in cryptocurrencies carries a considerable risk of financial loss. Always conduct due diligence.
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