The global crypto market is still trading under immense selling pressure due to increased volatility due to the recent FTX and other platform collapses. Top cryptos like Bitcoin (BTC) and Ethereum (ETH) prices struggled to surge. However, XRP price managed to spike amid the current market sentiments.

XRP price decouples from top crypto?

According to the WhaleAlert, whales have moved more than 160 million XRP tokens in the last 24 hours. These transactions come as the Ripple vs SEC lawsuit moves toward the Summary Judgment.

Whales accumulated over $19 million worth of XRP tokens from the Bitso crypto exchange. As per the data, the largest transaction recorded by the tracker has been of adding 40 million XRP (approx worth $15.3 million).

However, the tracker reported that an account named Ripple moved 50 million XRP (approx worth $19.2 million) to an unknown wallet.

XRP price has surged by over 2% in the last 24 hours. It is trading at an average price of $0.385, at the press time. Its 24 hour trading volume stands at $736 million. It is still the 7th largest crypto with a market cap of $19.3 billion.

Meanwhile, Whales have also moved around 35 million XRP from wallets to Bitstamp crypto exchange in order to book profit.

Why Ripple’s token is on a surge?

The positive sentiments for XRP among the whale have developed due to the confident news coming out of the XRP lawsuit. Coingape reported that Ripple’s General Counsel mentioned that SEC Holds No Answers For their arguments in court.

Earlier, Coingape reported that over 4 billion XRP tokens were moved from Bittrex crypto in multiple transactions to an unknown wallet. However, the reason behind the transfer has not been disclosed yet.

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.