XRP saw a rather interesting weekend, with over 120 million tokens transferred across platforms as price noted a 9% fall.
- Large crypto transactions of over 120 million XRP tokens have been wired across three major crypto exchanges.
- XRP’s price noted minor recovery at press time.
- With the Ripple lawsuit expert discovery coming to an end, XRP HODLers are expecting a positive outcome.
For most of the last week, the larger market seemed to be at a more or less standstill as the global crypto market cap oscillated around the $1.7 trillion mark. Amid more significant international tensions, the top crypto assets like Bitcoin, Ethereum, and XRP struggled to keep their price above crucial support levels.
However, while BTC and ETH saw no significant changes in their larger supply-demand, XRP, on the other hand, presented a perplexing scenario.
120 Million XRP Moved
XRP’s rangebound price action under the $0.87 mark since February 10 has made its token holders skeptical of the coin’s trajectory. Interestingly, this weekend, over 120 million XRP was transferred across various exchanges and wallets, as highlighted by Whale Alerts on Twitter.
Three significant XRP transactions took place over the weekend. The first one occurred on February 26, when 15 million XRP worth $11,487,869 were transferred from Bittrex to an unknown wallet.
After this, on February 27, around 15.17 million XRP amounting to $11,270,424 was transferred from Binance to an anonymous wallet.
The most recent transaction was worth 90 million XRP amounting to $64,214,353 transferred from an unknown wallet to an anonymous wallet on February 28.
The same meant that large amounts of XRP were wired across wallets over three days. Notably, since the tokens were moved from exchanges to wallets, the same could point towards accumulation by some XRP whales.
Thus, a total of over 120 million XRP tokens were moved, which seemed to affect XRP’s price.
XRP Price Action
Over the weekend, the Ripple-backed coin lost around 9% of its value on the market, falling to as low as $0.703.
Its price noted some decent bounce at press time. At the time of writing, XRP traded at $0.7571, registering a mere 0.90% gain on the daily. As highlighted in a previous article, XRP’s price seemed to struggle to stay above its crucial support level.
For now, XRP HODLers are hopeful of a positive outcome in the Ripple vs. SEC case, which could aid the upward price movement, as expert discovery drags to a close.
That said, John Deaton stated earlier that the lawsuit might come to a favorable conclusion for XRP.
The reason behind the same is that the SEC may have to prove that Ripple’s defendants, Chris Larsen and Brad Garlinghouse, had actual knowledge that XRP was a security or that they were reckless in not knowing.
By: Varuni Trivedi (fxempire.com)
Updated: Feb 28, 2022, 14:20 PST