Big XRP Purchase: What’s Going On?

XRP's Bullish

A large investor, often referred to as a “whale,” transferred 410 million XRP coins, which are valued at over $201 million, from the Bitvavo cryptocurrency exchange. This significant move has caught the attention of the cryptocurrency community and raised questions about its implications.

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The XRP community is buzzing with excitement as nearly 410 million XRP tokens, valued at $201 million, were transferred to a new wallet address from a cryptocurrency exchange on Tuesday.

This move follows a recent drop in the price of XRP, prompting traders to take profits during a broader cryptocurrency market selloff.

XRP Whale Moves $201 Million Worth of XRP

In a recent transaction reported by Whale Alert on October 17, a substantial holder, often referred to as a “whale,” transferred a total of 409,776,402 XRP coins worth more than $201 million from the Bitvavo cryptocurrency exchange.

The transaction data further indicates that the wallet receiving these XRP coins was activated on the same day. This suggests that it could be a new significant holder or an entity entering the XRP market.

XRP Gains Momentum Following Ripple’s Legal Win

XRP’s growing prominence has been notably accelerated by a significant legal victory secured by Ripple Labs in an ongoing lawsuit against the U.S. Securities and Exchange Commission (SEC).

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Judge Torres rejected the SEC’s request to file an interlocutory appeal against a prior ruling that deemed XRP not to be a security. Consequently, the trial is now scheduled for April 2024.

This legal development has added to the positive sentiment surrounding XRP and potentially contributed to the interest of large investors and entities in the cryptocurrency.

XRP Experiencing Significant Whale and Investor Buying

Following a recent dip in XRP’s price to $0.47, significant purchases by whales and various entities have been noted, driving a surge in trading volume, which has now exceeded $1 billion.

Institutional investors have continued their purchases of XRP for the 25th consecutive week, and this trend coincides with Ripple’s recent legal victory over the U.S. SEC.

As of now, the XRP price stands at $0.49, reflecting a 0.5% increase in the past 24 hours. The daily trading range has been between $0.489 and $0.505. Although it’s currently below a key support level, the robust trading volume exceeding $1 billion suggests the potential for upward momentum.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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