When it comes to cryptocurrencies, XRP is one of the first coins that comes to mind. It continues to stand out with its ongoing battle with the SEC and the legal process, as well as the projects implemented by its team. Recently, after a party event, the expectation of a price increase was created, but it did not meet the expectations.
Current Situation of XRP
XRP investors were stirred by the recent movement that took place on Tuesday. A XRP whale transferred approximately 410 million XRP, worth $201 million at the time of writing, to a new wallet. This movement was triggered by the effect of traders and investors following the denied ETF news, which resulted in sales. The decisions made in the broader crypto market also led to the recent drop in XRP price.
According to an incident revealed by Whale Alert on October 17th, a transaction worth more than $201 million was made with 409,776,402 XRP from the crypto exchange Bitvavo. It would not be wrong to say that the wallet address mentioned in this transaction has become active today. Therefore, the person or institution that owns this wallet may be a new whale. The owner of the wallet seems to have faith in the rise of the cryptocurrency.
On the other hand, XRP may be focused on news that may come from the ongoing lawsuit between Ripple Labs and the U.S. Securities and Exchange Commission (SEC). After another positive development, it can increase its visibility and global adoption.
While all this is happening, Judge Torres recently rejected the SEC’s appeal in the XRP case. Accordingly, the next hearing of the lawsuit is expected to take place in April 2024. According to some sources, there may not be a new hearing.
The Future of XRP
Whales made significant purchases of XRP after the price dropped to $0.47. In this regard, the trading volume doubled this week and surpassed the $1 billion mark. In addition, there have been inflows in crypto funds after Ripple’s major victory against the SEC, and institutional investors have been buying XRP for 25 consecutive weeks.
In the last 24 hours, the XRP price has increased by 0.14% and is trading at $0.4882. The lowest and highest values in the last 24 hours were $0.489 and $0.505, respectively. While the price is trading below the support level, the strong trading volume of over $1 billion can be a trigger for an upward price movement.
