XRP appears to be unable to capitalize on the procedural victories that Ripple gained in its legal fight against the SEC.
The asset has increased by nearly 2% in the past 24 hours but is still at 1.6% for the week.
Crypto is experiencing losses of 5.3% and 7.7% on a 30-day, and 14-day basis. The 6ThThe market capitalization of the largest digital currency has fallen by 58.1%
It continues to trade at $0.459, according to tracking. Coingecko.
As they attempt to acquire millions of tokens, whales are buying the XRP Dip.
Major wallets hoard over $48 million in XRP
While the crypto market was busy with an apparent bullish run, which saw almost all digital assets rise in trading prices, the major wallet addresses were busy buying large amounts of XRP.
Tracker Whale Alert shared information that 105,000,000 XRPs were earned during this time period according to Whale Alert. AdditionalMajor wallets.
The largest whale activity was $25.8million worth of transactions that were made using the Bitstamp cryptocurrency exchange.
Whale Alert, however, also shared that 100 million units of the altcoin worth around $45.4 million were moved from a wallet named “Ripple” to an unknown digital address.
Over 205 Million XRP were found in unidentified wallets, even though the crypto sector was in the midst a prolonged bearish trend.
Ripple Labs Secures ‘Crucial Document’ In SEC Lawsuit
Recent court orders directing the SEC to release documents related to William Hinman’s 2018 speech as former SEC Finance Director demanded that they comply with.
Hinman reportedly claimed that Ethereum, a co-altcoin to XRP was not a security in this speech. This is believed to undermine SEC’s case against Ripple Labs as it revolves around the company’s alleged sale of its XRP token which the regulating office considers as “unregistered security.”
The firm’s legal team believes this Development gave them the victory in the legal battle that’s been going for almost two years now.
Although there is no direct link between these and recent whale activities that were XRP-related, it seems reasonable to believe that large investors may be beginning to collect tokens while the price of tokens are low.
In anticipation of the alleged price rally that XRP would make once RippleLabs is victorious in their continuing court battle,
Total market capital for XRP at $23 Billion on daily chart| Featured image from Kriptokoin, Chart: TradingView.com Disclaimer: This analysis is solely based upon the author's own knowledge.