- Big whales have proven their interest in Ripple (XRP) after accumulating more than $300 million worth of tokens, with the majority of these transactions taking place on Binance.
- With the possibility of an XRP ETF and a looming key deadline in the Ripple v. SEC case, large investors anticipate a price surge.
Big whales are converging on Binance and some top crypto exchanges to buy Ripple (XRP). According to the latest data, big wallets have amassed XRP tokens worth at least $300 million in the last couple of days. Whale Alert, a blockchain tracking resource, has revealed that huge transactions are involved with just a few wallets.
This data has caused a stir in the XRP community, realizing that such huge transactions signal an imminent price surge. Retail traders tend to follow whale trends, suggesting they will go on a buying spree. Additionally, these whales drive demand for tokens, leading to higher prices.
300,000,000 #XRP (187,134,686 USD) transferred from #Binance to unknown wallethttps://t.co/n6uoHsu3BZ
— Whale Alert (@whale_alert) March 8, 2024
Although a majority of tokens have rallied to near all-time highs in the recent bull wave, XRP has underperformed, leading to concerns among investors. However, it is evident that as some retailers take quick profits, or swap their holdings for better-performing altcoins, whales are taking advantage to reaccumulate ahead of the next breakout.
Significantly, the whale activity coincides with XRP holders seizing profits amounting to $370 million since the start of March 2024, likely contributing to the observed price correction.
The optimistic outlook by whales is undeniable, beginning with developments around the XRP Ledger (XRPL). As recently reported by CNF, Graham Rodford, CEO and co-founder of the FCA-regulated digital securities exchange Archax, revealed that XRP could redefine the digital currency landscape: XRPL’s trading volume might surge to $30–50 trillion by 2025.
There have also been some key developments in the SEC v. Ripple case, with a key deadline fast approaching. The legal battle between the SEC and Ripple reaches a key milestone on March 22nd, as the SEC is due to submit its opening brief. This follows the SEC’s earlier request to delay the case timeline.
There’s been speculation that the two parties might look to settle the case outside the courts. However, if the case goes all the way to a judge’s decision, legal experts are confident of a Ripple win.
Once this case is closed, Ripple anticipates accelerated business development. For starters, the company will be able to ink more partnerships with some companies shying away from the fintech because of the case. Additionally, XRP, which is the token in question, could be listed, integrated, and adopted by numerous platforms. Furthermore, there has been speculation about Ripple going public.
At the time of writing, XRP is trading at $0.623 after a marginal change in the last 24 hours. Investors are keen on establishing stability above $0.60.
There’s short-term optimism that the token will rally to break out of the $0.70 resistance and possibly climb above the $1 price target. As CNF has highlighted, some experts predict XRP will reach as high as $100 in the long term.
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