These Can Be Reason Behind Spike XRP Prices

XRP token, Ripple’s native currency has emerged as one of the top gainers among the largest cryptos in the last 7 days. The price surge has come amid the ongoing legal battle with the SEC. However, data revealed that whales are adding XRP token lately.

XPR price jump, is this the Whale effect?

As per whale alert, more than 451 million XRP tokens have been moved to multiple unknown wallets in the past 24 hours. The total purchase is worth around $173 million. The recent surge has replicated the increase in social media interest in the token.

However, the biggest transaction has taken place on the FTX platform. A whale wallet bought around 150 million XRP in a single transaction. The purchase worthed around $58.48 million.

Meanwhile, 50 million XRP token were transferred from Ripple to some unknown wallet. The transfer was worth around $58.4 million.

Whale purchase has helped the XRP price to surge after many long weeks. XRP token price has jumped by more than 22% in the past 7 days. While it has managed to surge by 16% in the 24 hours.

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Ripple’s native token is trading at an average price of $0.41, at the press time. XRP token’s 24 hour trading volume is also up by 30% to stand at $3.09 billion. It is still holding a total market cap of around $20.7 billion after the recent market dump.

Good news from the SEC lawsuit?

The SEC and Ripple defendant recently submitted their motion for the Summary Judgement in the XRP token case. Expert suggests that these docs hold positive things for Ripple in the crucial lawsuit.

Coingape reported that John Deaton, an Amicus Curiae in the case pointed out major loopholes in the SEC’s motion. He mentioned that the commission is not relying on any expert testimony. However, there is no expert comment which attempts to prove XRP price relation with Ripple’s effort.

However, Brad Garlinghouse, Ripple CEO’s recent meeting with the CFTC Commissioner has also sent some cryptic messages to the XRP community amid long running legal battle with the SEC.

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]
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