Why Are Crypto Whales Busy Prioritising Stocking Up On XRP

XRP has been holding steady through the turbulent market conditions during the second half of 2022 and despite the ongoing Ripple vs. SEC lawsuit. It is because of this and the fact that XRP has been able to remain among the top 10 biggest cryptocurrencies on the market that most analysts firmly believe that XRP will survive the current bear market.

Whale traders seem to agree with this assessment, as they have been making it a priority to stock up on XRP. This is proven by the fact that about $18 million in XRP was recently withdrawn from a Binance account and sent to an unknown wallet.

Additionally, 143,000,000 XRP, which is worth about $55,960,040, was recently transferred from an unknown wallet to an anonymous wallet. Whale activity has also been notably high recently as long-term holders increase their speculative exposure.

Also boosting XRP’s recent performance is the fact that lawyers believe that the Ripple vs. SEC lawsuit is nearing its end, which has helped the remittance token with its Christmas rally. All eyes will be on the motion of summary, which will take place in the first half of 2023.

Many people believe that if this lawsuit ends in favor of Ripple, it could send the price of XRP to over $2. On the other hand, if the opposite is the case, it could send the price of crypto to a multi-year low.

XRP / TetherUS 1D (Source: CoinMarketCap)

CoinMarketCap indicates that XRP is currently trading at $0.3794 after a 0.45% price drop over the last 24 hours. XRP is also still down by more than 3% over the last week.

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