Xrp Whales' Selling Activity Raises Concerns

(MENAFN- CoinXposure) All eyes are on the whales, or large-scale holders, of XRP, the fifth-largest cryptocurrency , amidst the recent rise in cryptocurrency prices.

Lookonchain, a data analytics firm, has recently provided insight into the purchase and sale patterns of four notable XRP holders on the Binance Smart Chain (BSC), indicating the possibility of increased selling activity.

According to data provided by Lookonchain, four giant XRP whales exhibit distinct purchasing patterns.

The first, identified by the identifier“0xf522,” amassed 25 million XRP ($18 million) between April 22 and November 24, 2022, at an average price of $0.43, but has yet to sell any.

In the meantime,“0x513d” acquired 10 million XRP at an average price of $0.45 per token and has since deposited 5.4 million XRP ($4.3 million) to Binance due to the recent XRP price increase.

the other two whales , identified as“0x8456” and“0x8bf6,” acquired 1.4 million XRP at average prices of $0.4 and $0.39 per coin, respectively.

These large-scale holders have shown no indications of selling as of yet. With XRP's recent price increase and subsequent decline, these and other whales may increase their selling activity shortly.

See also 7 best cryptocurrency exchanges for beginners 4 weeks ago

Despite a more than 80% increase following a split verdict in the Ripple v. SEC case, which led to the U.S. relisting of XRP on Coinbase, Bitstamp, and other major exchanges, the cryptocurrency's value dropped by 16% to fall back below $0.70.

This volatility and the ongoing legal uncertainty surrounding Ripple's victory continue to affect investor sentiment.

Depending on the outcome of a possible sec appeal of the Ripple decision, XRP whales and smaller investors may modify their strategies in response to changing market conditions .

MENAFN16072023007320015750ID1106611045