XRP Records Highest Single Day Whale Accumulation Since Ripples Partial Victory Over SEC
Market intelligence platform Santiment recently revealed how XRP whales look to be going all in on XRP following significant purchases of the crypto token. Notably, these buys are said to be the most since Ripples partial victory over the Securities and Exchange Commission (SEC).
XRP Records 217 Whale Transactions
Santiment stated in an X (formerly Twitter) post the XRP Ledger processed 217 $1 million whale transactions on the network on January 31. This happens to be the most transactions of such magnitude recorded in a single day since Judge Analisa Torres ruled that XRP wasnt a security in itself last year July.
Just like Santiment noted, such an occurrence has the potential to impact XRPs price positively. XRP had risen to as high as $1 on the back of Judge Torres ruling as it strengthened the conviction of the altcoins holders, who then decided to double down on their investments. If such a similar scenario plays out again, then XRP is expected to experience price surges soon enough.
The market intelligence platform also added that some key signals indicated that XRP was one of the better candidates for a bounce, assuming Bitcoin Bitcoin can stabilize the rest of the week. The altcoin had dropped below the crucial support level of $0.5 following Bitcoins recent decline. However, it is back above that level as the market shows signs of recovery.
Meanwhile, despite XRPs relatively stagnant price action, these whales do not seem to be worried. Santiment revealed that wallets holding at least 10 million XRP tokens combined to hold 67.2% of the available supply, the most since December 31, 2022.
Binance Freezes $4.2 Million Worth Of Tokens
Binance CEO Richard Teng stated in an X post that the crypto exchange had managed to freeze $4.2 million worth of XRP, which was part of the proceeds from the recent XRP exploit. NewsBTC had reported how there was a breach on the personal XRP accounts of Ripples co-founder Chris Larsen, which led to the theft of more than 213 million tokens.
Teng also mentioned that the Binance team will help retrieve the remaining funds in any way they can. He added that they were closely monitoring the majority of the funds in the exploiters external wallets just in case they tried depositing these tokens to Binance.
The exploiter is reported to have laundered some of these funds through crypto exchanges like MEXC, Gate, Kraken, OKX, and HitBTC.
Read more: https://www.newsbtc.com/analysis/xrp/xrp-highest-whale-accumulation/
Text source: NewsBTC
