16 million XRP purchased by Whale on South Korean Exchange – Will XRP Price Surge?

  • Whale purchases 16 million XRP on a South Korean exchange, indicating a potential bullish surge for the asset.
  • The number of addresses with holdings of between 10 million and 100 million XRP coins jumped from 1,537 on March 16 to 1,565 on March 28.

An unknown XRP whale has acquired 16 million XRP from a cryptocurrency exchange in South Korea. Data from Whale Alert, the blockchain firm that reported the transaction, the stated amount was transferred from Upbit, one of the largest crypto exchanges in South Korea to an unknown wallet. Additional reports from Whale Alert revealed that the amount was moved in three different transactions.

The latest report has now fueled already brewing speculations and positive sentiments amongst XRP holders and the crypto space in general about an imminent bull run. There has been a discernible increase over the past few weeks in the number of crypto addresses possessing significant amounts of XRP. 

The number of addresses with holdings of between 10 million and 100 million XRP coins jumped from 1,537 on March 16 to 1,565 on March 28, signalling traction in the XRP ecosystem from whale investors.

While the latest development may just be perceived as a bullish signal, it is also important to put the recent whale activity in perspective as the weekly measure for addresses of this magnitude has consistently been on the decline since the early days of the year. 

The reversal of this trend within the last two weeks may indicate a broader shift in market mood as the involvement of large players in the crypto space has often been attributed to potential price movements as part of long-term investment strategies. 

The recent whale activities also coincide with the speculation about a potential “settlement conference” between Ripple Labs, the parent company of XRP, and the U.S Securities and Exchange Commission, according to Eleanor Terrett, of Fox Business, citing court listener documents.

The two entities have been embroiled in legal battles since December 2020 after Ripple was accused by the SEC of illegally raising more than $1.3 billion in an unregistered securities offering by selling XRP.

The SEC on October 19, 2023, dropped claims against two Ripple Labs executives in its lawsuit alleging the blockchain company violated U.S. securities law. The aftermath of that decision saw a 7% rise in XRP the following day. 

 

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