Digital assets suffered a massive bloodbath Monday, as Bitcoin’s fall to $50K pushed the crypto market cap down by 15%.
As fear dominated, the Ripple Whales attracted attention by making huge token movements.
XRP’s value dropped by nearly 20% on Binance the day before. A large investor took advantage of the drop and bought tokens valued at over $44.12.62 (94,948,336 coin) worth.
Movements of the Ripple Whale
Whale Alert has revealed that Whale transactions involving XRP, the cryptocurrency used for remittances within the past day.
A Binance user transferred 24,009 969 XRP (worth 11,359 095 dollars) to a wallet that was not identified.
A second transfer of 23,680 816 tokens worth about $11,203 373 was made from the same exchange and sent to an unidentified address.
Whale Alert reported that Binance sent whale XRP tokens worth $23,680,816 (11,203,373 XRP) from Binance to an unknown wallet.
A total of 23,415 551 tokens worth $10 495 379 were transferred to an anonymous wallet from the same exchange.
The massive transfer of over 33,62 million XRPs from the exchange created a buzz considering the prevailing XRP depressed mood.
The accumulation of assets amid declining prices indicates confidence in their potential recovery.
Bears dominate XRP
Today, the remittance token showed significant negative movement as fears swept over the market.
After a drop of 19.28% in the last 24 hours, XRP is now trading at $0.4555.
Liquidations had a negative impact on the financial environment.
The fear of a lawsuit by the US Securities and Exchange Commission has added to XRP’s current state.
Experts in law believe that the stablecoin RLUSD set to be launched by the end of 2024 could face legal challenges.
Fred Rispoli, a lawyer for Ripple, said that issues relating to RLUSD may require a separate lawsuit.
Fears of further regulation ruined the sentiment surrounding XRP and extended its downside.
Ripple’s new approach to compliance is a first priority
The blockchain company appears to be learning from SEC’s “manipulative” strategies. Ripple launched a website that was compliant with the RLUSD before its launch.
The firm intends to use the Compliance-First approach for any future product, in addition to the website dedicated exclusively to stablecoin.
Ripple’s stablecoins can be used as an alternative or addition to the native XRP. They align with Ripple’s main objective, which is to reduce financial friction between businesses and their customers.
The recent news that JPMorgan Chase accepts XRP as payment for credit cards and mortgages has cemented XRP’s place in the financial world.
XRP price is currently moving up or down.
XRP also joined the market’s slump on Monday, turning its chart from green to red following a 20 percent decline.
The daily volume of trading grew by 220%, to $3.32 Billion, which indicates increased activity.
Despite a gloomy forecast, the market seems confident in XRP’s future.
Binance’s millions of tokens are a sign that they have faith in their tokens (despite the current lax performance).
Investor confidence is also boosted by Ripple’s decision to comply with regulations that have hampered its growth in the past.
As updates occur, this post Whale collects millions of Binance tokens despite negative sentiments could be updated.
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