XRP has been surging despite red indexes for other cryptocurrencies, and whales have been making large transactions as the SEC vs Ripple lawsuit finally comes to a close. According to WhaleAlert, over 360 million XRP tokens worth around $192 million have been moved by whales in the past 24 hours.
The biggest transaction was for 100 million XRP tokens worth approximately $53.4 million. Data shows that whales went on an accumulation spree as well, with over 146 million XRP tokens worth approximately $78 million added to their wallets in the last 24 hours.
XRP Whales Target Binance
XRP whales have been on an accumulation spree, and the largest transaction was for 60.3 million XRP tokens worth approximately $32.3 million from the top crypto exchange Binance. It is important to note that 94.4 million XRP tokens worth approximately $50.5 million have been moved from Binance to an unknown wallet as the crypto exchange faces legal complications from the CFTC.
As for the price of XRP, it has risen by 0.5% in the past 24 hours, reaching $0.535868, as the cryptocurrency market as a whole falls by 1.5%.
XRP’s price action has been quite strong recently. Its relative strength index surged over 70 yesterday but has now begun falling, potentially signaling a loss of momentum that may result in price falls. Meanwhile, its 30-day moving average has just overtaken its 200-day average, which could point towards a breakout rally that could continue for several days.
Although conventional indicators suggest that XRP is overbought, the cryptocurrency has been dramatically undervalued for a long time, so it’s possible that these indicators can be disregarded.
Ripple CEO Brad Garlinghouse has repeatedly said that he expects an end to the case this year, and his position hasn’t changed despite the recent price action. The XRP community seems confident that the decision will be a positive one, enabling Ripple to continue its business, thereby pushing XRP’s price to extreme highs.