All eyes are on the whales, or big holders, of XRP, the fifth-largest cryptocurrency, amid the recent rise in cryptocurrency prices. Recently, the data analytics company Lookonchain revealed information on the buying and selling habits of four big XRP investors on the Binance Smart Chain (BSC), suggesting that there may be more selling to come.
Data provided by Lookonchain indicates that four significant XRP whales have demonstrated different buying patterns.
Between April 22 and November 24, 2022, the first, known as “0xf522,” amassed 25 million XRP ($18 million) at an average price of $0.43 and has not yet sold any. As the XRP price has recently risen, “0x513d” has since deposited 5.4 million XRP ($4.3 million) to Binance after purchasing 10 million XRP at an average cost of $0.45 per token.
The other two whales, identified as “0x8456” and “0x8bf6,” each bought 1.4 million XRP at an average price of $0.4 or $0.39. Both of these substantial holdings have not yet demonstrated any intent to sell. However, given the recent price spike for XRP and subsequent decline, it’s possible that these and other whales may start selling more often soon.
Despite an increase of over 80% following a split decision in the Ripple v. SEC case, which resulted in the relisting of XRP in the United States on Coinbase, Bitstamp, and other prominent exchanges, the price of the cryptocurrency dropped by 16% to once again dip below $0.70.
Investor mood is still being impacted by this variation and the lingering legal concerns surrounding Ripple’s triumph. XRP whales and smaller investors alike may modify their strategy in reaction to changing market circumstances depending on how the likely SEC appeal of the Ripple ruling plays out.
