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Here Are the Top Reasons Why Whales Are Stacking XRP

The post Here Are the Top Reasons Why Whales Are Stacking XRP appeared first on Coinpedia Fintech News

The bitcoin market is showing signs of profitability in 2023. For the first time in the past year, the total value of the cryptocurrency market has surpassed $1 trillion. Many people are speculating about the potential implications of the outcome of the legal dispute between Ripple and the SEC for the future of XRP and the broader crypto industry.

The 24-hour trading volume for XRP is currently over $1 billion, which is still quite massive. It was significantly below $1 billion at the beginning of January, occasionally falling as low as $400 million.

According to the data, the price of XRP has increased by a staggering 21% over the past 30 days. The price of other significant cryptocurrencies like Cardano (ADA) and Polygon (MATIC) increased by 50% and 53%, respectively, within the same timeframe, thus the traders were unimpressed by this boom.

Ripple released its Q4 2022 XRP Markets Report this week. It showed that demand for its On-Demand Liquidity (ODL) offering is still strong as the company generated net XRP sales of $226.31 million in just that one quarter. Such developments are particularly outstanding considering that Ripple is still involved in a public legal battle with the SEC. 

According to a recent tweet by WhaleStats, among the top 100 BSC whales, Ripple (XRP) is now one of the ten most traded cryptocurrencies. XRP has also made it onto the list of the top 10 tokens bought in the previous 24 hours by the biggest BSC whales. The top 100 BSC whales are currently holding XRP worth $29.23 million, or 2.53% of their entire holdings, according to data.

On the flip side…

XRP is the top loser among the top 10 cryptocurrencies based on its performance over the previous 90 days. The price of XRP fell sharply by 17% throughout the aforementioned time. On the other hand, over the last 90 days, the price of bitcoin has increased by almost 10%.

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