{"id":26144,"date":"2023-06-30T10:53:10","date_gmt":"2023-06-30T14:53:10","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=26144"},"modified":"2023-06-30T10:53:10","modified_gmt":"2023-06-30T14:53:10","slug":"whales-dive-into-xrp-accumulating-170-million-worth-whats-their-game-plan","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/06\/30\/whales-dive-into-xrp-accumulating-170-million-worth-whats-their-game-plan\/","title":{"rendered":"Whales Dive Into XRP, Accumulating $170 Million Worth: What\u2019s Their Game Plan?"},"content":{"rendered":"

The recent downturn in the XRP market has not deterred large-scale investors, often referred to as \u2018whales\u2019. Amid a 12% drop in XRP\u2019s price between June 22 and June 28, they instead saw<\/a> an opportunity rather than a setback, amassing 360 million XRP worth approximately $170 million. This significant investment demonstrates the high-stake moves that define the crypto markets.<\/p>\n

While such large-scale purchases are not unusual in the volatile world of cryptocurrencies, this particular accumulation of XRP seems to suggest a confident long-term outlook on the asset by these whales, despite the current bearish trend.<\/p>\n

#Ripple<\/a> whales bought the dip!<\/p>\n

While the price of #XRP<\/a> dropped 12% from June 22 to June 28, whales bought 360 million $XRP<\/a> worth nearly $170 million. pic.twitter.com\/QI0m45cIio<\/a><\/p>\n

\u2014 Ali (@ali_charts) June 29, 2023<\/a><\/p>\n

XRP Whale Movements Amid Market Fluctuations<\/h2>\n

On June 22, XRP\u2019s price<\/a> hit a weekly high of $0.52. But this peak didn\u2019t last long. The subsequent reversal led to a drop, triggering increased profit-taking as many felt the asset was overvalued.<\/p>\n

Related Reading: \u2018Ripple (XRP) Is A Must-Hold For The Next Bull Run,\u2019 Says Bitcoin Maxi<\/a><\/p>\n

Consequently, XRP has been on a downward slope, breaking key support levels, and presently trades below the earlier $0.5 mark. This puts the asset\u2019s decline at around 4.3% for the past week.<\/p>\n

However, the picture is not all gloom and doom. The market capitalization of XRP sits at $24.8 billion, making it the fourth-largest cryptocurrency by market cap. This ranking comes even amid the notable downward pressure.<\/p>\n

Despite the past week\u2019s bearish trend, the last 24 hours have shown some signs of recovery for XRP<\/a>. The token has experienced a slight uptick, gaining 2.1% in price. This positive movement has bolstered the asset\u2019s market cap by over $500 million, pushing it up from just below $24 billion earlier this month to the current $24.8 billion.<\/p>\n

Even so, XRP\u2019s daily trading volume has experienced a significant fall, dropping from the $1 billion mark seen earlier this month to below $600 million in the last 24 hours. The token\u2019s price has remained somewhat stable, with a 24-hour low of $0.46 and a high of $0.47.<\/p>\n

Effect On The Market<\/h2>\n

While the whales\u2019 massive XRP purchase is newsworthy, it\u2019s not the only factor at play. The modest price uptrend could be attributed to an overall slight bullish sentiment reverberating throughout the broader cryptocurrency market. <\/p>\n

Bitcoin, the front-runner in the crypto space, has also displayed a minor upward trend, which typically influences the performance of other digital assets, including XRP<\/a>.<\/p>\n

In this volatile world of cryptocurrencies, it\u2019s crucial to keep an eye on such significant moves as the ones made by the whales. Their actions could set the stage for what\u2019s next for XRP and other cryptocurrencies in the weeks and months to come.<\/p>\n

Ripple Labs has actively sought to have the Security and Executive Commission (SEC) lawsuit<\/a> against it dismissed, asserting that XRP, unlike conventional securities, operates as a digital currency due to its practical use and decentralized features. The company is challenging the SEC\u2019s authority in this regard and condemns the regulatory body for not offering clear guidance on the status of XRP as a security.<\/p>\n

Ripple claims that the ongoing legal dispute has adversely affected XRP holders and stifled progress in the cryptocurrency sector. The court\u2019s ruling on Ripple\u2019s request for dismissal is eagerly awaited, and it could substantially impact the trajectory of the lawsuit.<\/p>\n

Should the request be granted, it could significantly undermine the SEC\u2019s case, but if denied, the legal battle will continue with the SEC\u2019s charges against Ripple remaining active.<\/p>\n

Featured image from Shutterstock, Chart from TradingView<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

The recent downturn in the XRP market has not deterred large-scale investors, often referred to as \u2018whales\u2019. Amid a 12% drop in XRP\u2019s price between June 22 and June 28, they instead saw<\/a> an opportunity rather than a setback, amassing 360 million XRP worth approximately $170 million. This significant investment demonstrates the high-stake moves that define the crypto markets.<\/p>\n

While such large-scale purchases are not unusual in the volatile world of cryptocurrencies, this particular accumulation of XRP seems to suggest a confident long-term outlook on the asset by these whales, despite the current bearish trend.<\/p>\n

#Ripple<\/a> whales bought the dip!<\/p>\n

While the price of #XRP<\/a> dropped 12% from June 22 to June 28, whales bought 360 million $XRP<\/a> worth nearly $170 million. pic.twitter.com\/QI0m45cIio<\/a><\/p>\n

\u2014 Ali (@ali_charts) June 29, 2023<\/a><\/p>\n

XRP Whale Movements Amid Market Fluctuations<\/h2>\n

On June 22, XRP\u2019s price<\/a> hit a weekly high of $0.52. But this peak didn\u2019t last long. The subsequent reversal led to a drop, triggering increased profit-taking as many felt the asset was overvalued.<\/p>\n

Related Reading: \u2018Ripple (XRP) Is A Must-Hold For The Next Bull Run,\u2019 Says Bitcoin Maxi<\/a><\/p>\n

Consequently, XRP has been on a downward slope, breaking key support levels, and presently trades below the earlier $0.5 mark. This puts the asset\u2019s decline at around 4.3% for the past week.<\/p>\n

However, the picture is not all gloom and doom. The market capitalization of XRP sits at $24.8 billion, making it the fourth-largest cryptocurrency by market cap. This ranking comes even amid the notable downward pressure.<\/p>\n

Despite the past week\u2019s bearish trend, the last 24 hours have shown some signs of recovery for XRP<\/a>. The token has experienced a slight uptick, gaining 2.1% in price. This positive movement has bolstered the asset\u2019s market cap by over $500 million, pushing it up from just below $24 billion earlier this month to the current $24.8 billion.<\/p>\n

Even so, XRP\u2019s daily trading volume has experienced a significant fall, dropping from the $1 billion mark seen earlier this month to below $600 million in the last 24 hours. The token\u2019s price has remained somewhat stable, with a 24-hour low of $0.46 and a high of $0.47.<\/p>\n

Effect On The Market<\/h2>\n

While the whales\u2019 massive XRP purchase is newsworthy, it\u2019s not the only factor at play. The modest price uptrend could be attributed to an overall slight bullish sentiment reverberating throughout the broader cryptocurrency market. <\/p>\n

Bitcoin, the front-runner in the crypto space, has also displayed a minor upward trend, which typically influences the performance of other digital assets, including XRP<\/a>.<\/p>\n

In this volatile world of cryptocurrencies, it\u2019s crucial to keep an eye on such significant moves as the ones made by the whales. Their actions could set the stage for what\u2019s next for XRP and other cryptocurrencies in the weeks and months to come.<\/p>\n

Ripple Labs has actively sought to have the Security and Executive Commission (SEC) lawsuit<\/a> against it dismissed, asserting that XRP, unlike conventional securities, operates as a digital currency due to its practical use and decentralized features. The company is challenging the SEC\u2019s authority in this regard and condemns the regulatory body for not offering clear guidance on the status of XRP as a security.<\/p>\n

Ripple claims that the ongoing legal dispute has adversely affected XRP holders and stifled progress in the cryptocurrency sector. The court\u2019s ruling on Ripple\u2019s request for dismissal is eagerly awaited, and it could substantially impact the trajectory of the lawsuit.<\/p>\n

Should the request be granted, it could significantly undermine the SEC\u2019s case, but if denied, the legal battle will continue with the SEC\u2019s charges against Ripple remaining active.<\/p>\n

Featured image from Shutterstock, Chart from TradingView<\/p>\n

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