The past few weeks have been troublesome for the crypto market. The majority of altcoins are suffering because the market entered a correction phase before BTC halved.
However, with significant whale activity, XRP is defying the odds. Whale Alert, a specialized platform for crypto analytics, recently noticed a massive XRP acquisition. The transaction involved the purchase of 23,037,429 XRP. The recipient of the transferred coins is a veteran trader who already owns 32.113 million XRP.
As expected, the transaction on the Binance exchange has stirred up the market, as investors anticipate an upcoming resurgence. Experts are still assessing its implications.
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While the intentions behind the transaction remain unclear, it has reignited investors’ interest in XRP. The coin is currently trading at 0.5122 dollars, up 2.28% in the past 24 hours. According to the latest XRP prediction, it can end the year at a price of 2.65 dollars.
Although the whale movement has piqued investors’ interest, XRP’s OI (Open Interest) shows contrasting developments. The OI has dropped 2.12% in the past day and currently stands at 380.7 million dollars. On the other hand, the Perpetual Contracts command a massive portion, at 374.5 million dollars.
The decline may be perceived as a transitory setback, signaling the possibility of a future upsurge. The year has been difficult for XRP, as the cryptocurrency has consistently fallen out of the market’s top ten.
Legal proceedings with the SEC constitute a significant factor in the fluctuations. Despite the progress being made by the network in the litigation, investors are refraining from investing in XRP until the definitive verdict is rendered.
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The implications of the recent transaction can come to fruition soon, as the legal battle between XRP and the SEC is expected to wrap up in the near future.
