These crypto wallets received 100 million XRP in the last 24 hours
XRP appears to have fallen short in capitalizing on the procedural gains that Ripple has made from its ongoing legal battle with the SEC.
Although the asset managed to gain almost 2% in the last 24 hours, it is still down 1.6% in the last week.
On a 14-day and 30-day period, the crypto is staring at losses of 5.3% and 7%, respectively. On an annual basis, the 6th largest digital currency measured by market value has fallen by 58.1%.
The asset continues to deal price dumps as it trades at $0.459 as per tracking from Coingecko.
Whales appear to be buying the XRP dip as they try to scoop up the token for millions.
Major wallets hoarding over $48 million in XRP
Over the past 24 hours, while the crypto space was busy with its seemingly bullish run that saw almost all digital assets increase their trading prices, major wallet addresses have also been busy accumulating a large number of XRP coins.
According to information shared by tracker Whale Alert, 105 million XRPs were traded during the time frame added for large wallets.
Among the whale activities, the largest transaction was worth $25.8 million involving the Bitstamp crypto exchange.
However, Whale Alert also shared that 100 million units of the altcoin worth about $45.4 million were moved from a wallet called “Ripple” to an unknown digital address.
In fact, while the crypto space was in the midst of extended bearish momentum, over 205 million XRP have found their way into unidentified wallets.
Ripple Labs Secures ‘Crucial Document’ in SEC Lawsuit
The SEC recently complied with a court order requiring the release of documents related to a 2018 speech given by former SEC Chief Financial Officer William Hinman.
Hinman, in the special speech, reportedly said that Ethereum, another altcoin of XRP, was not a security. This is believed to undermine the SEC’s case against Ripple Labs as it concerns the company’s alleged sale of the XRP token which the regulatory office considers an “unregistered security.”
The firm’s legal team believes this development giving them the win in the legal battle that has been going on for almost two years now.
While there are no direct links between this and the recent whaling activities involving XRP, it makes sense to think that large investors are starting to accumulate as much token as they can while prices are still low.
This is in anticipation of the assumed price increase that XRP will make when Ripple Labs emerges victorious in their ongoing legal battle.
XRP total market cap at $23 billion on the daily chart | Featured image from Kriptokoin, Chart: TradingView.com Disclaimer: The analysis is based on the author's personal knowledge and should not be construed as investment advice.
