The XRP community gets enthusiastic as almost 410 million XRP worth $201 million moved to a new wallet address from a crypto exchange on Tuesday. The move comes after the recent decline in XRP price as traders book profits amid a selloff in the broader crypto market.
According to a transaction report by Whale Alert on October 17, a whale moved 409,776,402 XRP worth more than $201 million from the crypto exchange Bitvavo. Transaction data revealed that the wallet address is activated today, thus it can be a new whale or an entity buying XRP.
XRP continues to gain acceptance globally after Ripple Labs’ another win in the long-running lawsuit against the U.S. Securities and Exchange Commission (SEC). Judge Torres denied the SEC’s motion to file an interlocutory appeal against an earlier order qualifying XRP as not a security. Now, the trial is set for April 2024.
Read More: Ripple’s 75 Mln XRP Transfer Ignites Curiosity On Its Next Strategic Play
XRP Witnessing Massive Buying by Whales And Investors
Whales and entities are buying XRP significantly after the recent drop in XRP price to $0.47. The trading volume has also doubled to over $1 billion this week.
Moreover, institutional investors have bought XRP for the 25th consecutive week as crypto funds saw inflows amid Ripple’s victory against the U.S. SEC.
XRP price is trading at $0.49, up 0.5% in the past 24 hours. The 24-hour low and high are $0.489 and $0.505. While the price is trading below the support level, the strong trading volume of more than $1 billion shows promise of upside momentum.
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