XRP token price has been surging, and the token has been among the biggest gainers in the past week. It is interesting to note that the present spike in the values of XRP comes at a time when the number one and number two crypto assets, BTC and ETH Values, are tanking.
XRP Values To Increase More?
Among the different causes of the sudden surge in XRP prices, whale accumulation of the Ripple token is one of them. Data received from Whale Alert, more than 270 million XRP tokens (worth approx. $130.2 million) have been transferred from different crypto exchanges to multiple unknown addresses in the last 24 hours.
The largest transaction was 54.1 million XRP was seen in the Bitso crypto exchange. The unknown whale Whale bought a mind-boggling $27.5 million worth of XRP tokens in a single transaction.
Whales connected to the Bitstamp exchange concluded deals worth over 84.1 million XRP tokens. Whales hoarded another $41.4 million worth of XRPs in multiple transactions. The Whale tracker also revealed that a mega transaction of 132 million XRP (worth approx $62.1 million) was sent from an unknown wallet to another.
Why Are Whales Interested In Ripple?
Whale accumulation started immediately after the news was broken that SEC and Ripple filed their motions for the summary judgment.
As per data obtained from Santiment, the price ratio of XRP/BTC hit an all-time one-year high of 0.000025. The number of active addresses holding 1 million to 10 million XRP tokens has been surging since 2022.
The whales have switched interest from ETH to XRP in the past seven days. This comes just after the historic Passover of proof-of-work (PoW) to proof-of-stake (PoS) (Ethereum Merge).
The positive sentiments created by the case’s outcome are probably fueling this price rise. XRP prices have surged by 50% in the past one week, and when reports last came in were trading at an average price of $0.49,