XRP Whales Make Significant Purchases Following Ripple’s Legal Victory
According to market intelligence platform Santiment, XRP whales have been making substantial purchases of the cryptocurrency token. These recent buys are reported to be the largest since Ripple’s partial win over the Securities and Exchange Commission (SEC).
Record-Breaking Whale Transactions on XRP Ledger
Santiment revealed that the XRP Ledger processed 217 ‘whale transactions’ worth $1 million each on January 31. This marks the highest number of such transactions recorded in a single day since XRP was declared not a security by Judge Analisa Torres in July last year.
Potential Impact on XRP Price
These significant purchases by XRP whales have the potential to positively impact the price of XRP. After Judge Torres’ ruling last year, XRP experienced a surge in price, reaching as high as $1. If a similar scenario plays out again, it is expected that XRP will witness price surges in the near future.
XRP: A Promising Candidate for a Bounce
Santiment also highlighted that several key signals suggest that XRP is one of the better candidates for a price bounce, assuming Bitcoin stabilizes throughout the week. Despite dropping below a crucial support level of $0.5 due to Bitcoin’s recent decline, XRP has shown signs of recovery and is currently back above that level.
XRP Whales Remain Unfazed
Despite XRP’s relatively stagnant price action, the significant purchases made by whales indicate their confidence in the cryptocurrency. Santiment reported that wallets holding at least 10 million XRP tokens now hold 67.2% of the available supply, the highest percentage since December 31, 2022.
Hot Take: XRP Whales Bolster Confidence Amidst Legal Victory
The recent surge in XRP whale transactions following Ripple’s legal victory over the SEC suggests that confidence in the cryptocurrency is growing. With the potential for price surges and positive signals indicating a bounce, XRP may be poised for a promising future. Despite concerns over XRP’s price action, whales remain unfazed, holding a significant portion of the available supply. This demonstrates their belief in the long-term prospects of XRP and its ability to recover from market fluctuations.
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