XRP is now seeing an increase in network activity as prominent cryptocurrency holders take action.
The latest findings from Lookonchain, a renowned data analytics company, have shed light on the purchase and XRP whale sell patterns on the Binance Smart Chain (BSC), signaling a potential increase in selling activity in the market.
Ripple’s triumph over the SEC has undoubtedly injected a new wave of confidence into the XRP community. With the regulatory cloud dissipating, investors and holders are now eager to capitalize on the new clarity surrounding the status of the token.
As a result, the actions of these remarkable whales have become a focus of market watchers and enthusiasts.
Buying habits of XRP Whales revealed: Lookonchain insight
Based on the analysis of Search on the channel, the transactional behavior of four influential whales has been revealed. Each of these whales exhibit distinct patterns in their buying habits, shedding light on their strategies in the crypto market.
— Lookonchain (@lookonchain) July 15, 2023
One of the whales, known as “0xf522”, amassed a staggering 25 million XRP, or $18 million, between April 22 and November 24, 2022. Interestingly, this particular whale has refrained from selling any of its holdings so far.
Another notable participant, identified as “0x513d”, acquired 10 million units of the coin at an average price of $0.45 per token. Following the recent increase in the value of XRP, this whale deposited 5.4 million XRP, worth around $4.3 million, into Binance.
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Taking advantage of the recent price rally, “0x513d” demonstrates a more proactive approach, capitalizing on XRP’s bullish momentum.
NOW, Quinceko shows the price of XRP at $0.7412, reflecting a rise of 2.9% in the last 24 hours alone. Over the previous seven days, XRP has seen a remarkable increase of 58.6%.
Ex-Ripple Chief Says Company’s Limited Market Influence Amid XRP Surge
Meanwhile, Matt Hamilton, the former director of developer relations at Ripple, clarified on Twitter that Ripple’s influence in the market is relatively limited given the global volume of daily XRP sales.
Ripple is the largest holder of XRP with something like 48B XRP. Most of it is held in escrow contracts that are released monthly. Ripple sells a small portion of it and puts the rest back into new escrow contracts.
— Matt Hamilton (@HammerToe) July 16, 2023
This statement holds true even in light of the recent increase in the value of XRP following the resolution of the Ripple-SEC case.
He pointed out that the price movements of XRP are primarily governed by market forces and the performance of Bitcoin (BTC), highlighting the interplay between these factors to shape the trajectory of the cryptocurrency.
XRP market cap closing in to the $39 billion level. Chart: TradingView.com
Hamilton has explicitly stated that Ripple does not have authority over XRP or the XRP Ledger (XRPL), ensuring that any misunderstandings are clarified. To further emphasize this notion, he offered the potential scenario in which Ripple’s entire XRP holdings could be eradicated if the XRP community deems it appropriate.
(The content of this site should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
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